Set off and carry forward

Devendra (Chartered Accountant) (4775 Points)

05 January 2012  

Mr. X has earned Short Term Capital gain during the year. He also has Brought Forward Long Term Capital Loss. As per my knowledge the b/f LTCL cannot be set off against STCG. But in Tax Base and the Income Tax Return (Excel Format) we are allowed to set off the b/f LTCL against STCG, am I correct or the ITR and Tax base are?

Please guide me.




Devendra Kulkarni