I have short term capital loss of Rs. 10,000 (111A)
I have short term capital gain of Rs. 9,000 (111A)
My Long term capital gain by property transfer is Rs. 50,000
can i set of loss of Rs. 10,000 with long term gain and pay tax on 40,000 @ 20 % and 15% on 9,000.
First the STCG and STCL of Section 111A shall be interadjusted. And Rs. 1000 Loss shall be adjusted against LTCG of Rs. 50,000. Tax Payable on Rs. 49000 @ 20 %.
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