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.
Regards,
Devendra Kulkarni
yes you are correct , LTC LOSS can be set off only against LTCG......
there might be some error in tax base or ITR check out..
i have checked the ITR its calculating the set off as per income tax act's provisions....
According to the Intra Head Set-Off,
CAclubindia
