A parent has a carried forward long term loss (shares, off market) in FY 2012-13. Can this loss be set-off against a minor's long term gain (shares, off market) for FY 2013-14?
Minor's income is clubbed with the same parent since many years. Logically it seems allowable. But law (and that too Income Tax!) isn't always logical.
Thank you :)
Dear Mehta
Yes your right "isn't always logical" :)
But in your case STCL can be setoff in the next year if you have filled your returns before due date.
Clubbing of income is not only for income but also for losses so do not worry.
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