ST & LT CG setoff against carried forward LT & ST CL

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19 Points Posted on 20 January 2024

Hi Expers

i have a small query.

i have carried forwarrd losses from previous years, LTCL 5k and STCL 10k.

if i make LTCG of 50k in this year, can i adjust both of the previous years carried forward losses against this years LTCG ?

i.e. 50k LTCG - 5k Carried forward LTCL - 10k carried forward STCL = 35k taxable ?

kindly advise.

thanks

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Accountant

1227 Points Posted on 21 January 2024

No. stcl can be set off with stcg only.

so you have to carry forward 10k stcl. and can set off ltcl 5k and pay tax on 45k of ltcg.

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