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Setoff of Capital Gain
can a Long term capital gain on sale of property be setoff against long term/short term capital loss on sale of shares ?
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The Income Tax does not allow loss under the head capital gains to be set off against any income from other heads – this can be only set off within the ‘Capital Gains’ head. Long Term Capital Loss can be set off only against Long Term Capital Gains. But Short Term Capital Losses are allowed to be set off against both Long Term Gains and Short Term Gains.
Regarding Shares, If you have incurred a long term capital loss on selling shares or equity mutual fund units after 31.3.2018 then you can set them off against any LTCG.
Regarding Shares, If you have incurred a long term capital loss on selling shares or equity mutual fund units after 31.3.2018 then you can set them off against any LTCG.
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