Tally A/C entry for carrying forward Short Term Capital Loss

Hi,

Good Day.

I have incurred Long Term Capital Gain & Short Term Capital Loss (Loss is higher than the Gain) through share trading.  Looking to account for the same in Tally Accounting Software.

As per IT Act i understand can carry forward the adjusted loss for 8 years.  Kindly help me with

1.  Accounting heads to which LTCG & STCL should go into

2. Accounting entry journal to adjust the STCL with LTCG

3. Carrying Forward the adjusted loss for the next subsequent year for future adjustments with future gains.

Thanks in advance.

Replies (1)
Accounting heads should be..

Long Term Capital Gain under Capital Account

Short Term Capital Gain under Capital Account

LTCG entry will be..

Asset/Share trading a/c dr
to LTCG A/c

STCG entry will be..

Asset/Share trading a/c dr
to STCG a/c

For capital losses entry will be reversed.

For set off entry will be..

Short term capital loss a/c dr
to LTCG a/c

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