Hi,
I have loss Long Term Capital Gain due to selling of equities. Can i offset it with the short term capital gain from equities in same year? If yes how do we declare this in Form 2?
Regards,
Varun
Varun (Self) (28 Points)
09 June 2014Hi,
I have loss Long Term Capital Gain due to selling of equities. Can i offset it with the short term capital gain from equities in same year? If yes how do we declare this in Form 2?
Regards,
Varun
CA Saurabh Khatri
(Business)
(73 Points)
Replied 09 June 2014
Yes, CA Madhavi Pandit is absolutely right, but I want to add more i.e. the long term capital losses can't be set-off from any income.
Because the LTCG are exempted under section 10(38), therefore its loss can't be set-off against any income. So, you have to pay taxes @ 15% under 111A on short term capital gains if you have been charged STT.
CAclubindia
