Short term capital loss

ITR 5279 views 15 replies

Hi dears,

Can any one tell, can we adjust our current year short term capital loss with our salary income during the year?

 

Replies (15)

No,

refer Section 71(3) of Income Tax Act, 1961

 

Hi Satyendra,

Short term capital loss will be adjusted only against short term capital gain or long term capital gain. It cannot be adjust to any other heads.

 

I would like to rectify small mistake of Mr. Pradeep,

Short term capital loss will be adjusted against short term capital gain 

and/or

long term capital gain of same year.

It cannot be adjust to any other heads.

 

 Hi dears,

Can any one tell, can we adjust our current year short term capital loss on listed share against long term capital gain on unlisted share?

Short Term Capital loss can not be set-off against salary income for the year. It can only be set-off against any capital gain i.e. Long-Term or Short Term for the year.

Thus,Short-Term capital loss of listed securities can be set-off against Long-term Gain in unlisted securities. However, Long-Term capital loss can not be set-off against Short Term Capital Gain. It can only be set-off against Long term capital gain only. (Refer Sec 70 & 71)

Thanks,

CA. Ashok Shah

Dear Sir,

Derivative loss on shares can be set off against Capital gain on shares 

Derivative loss is either Short-Term capital loss or Business loss depending upon nature of your activity i.e. investing activity or business activity. If it is out of your investing activity, derivative loss is a short term capital loss and it can be set-off against short term capital gain in shares

         The opinion given by CA Ashokji is correct.

Short term capital loss will be adjusted only against short term capital gain or long term capital gain. It cannot be adjusted against any other head.

 

STCL can be adjusted against income under head capital gains only. Further Business loss cannot be set off against salary

Ashok has answered all queries in his single reply.

Originally posted by :CA CS* Prakash Somani (A helping Hand)
" STCL can be adjusted against income under head capital gains only. Further Business loss cannot be set off against salary "


 

I have incurred a short term capital loss on sale of Listed Shares (STT Paid) in F Y 2008-09. Can I adjust / set off this loss STCL against Long Term Capital Gain on sale of Property in the same F.Y. 2008-09


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