Hello
I’ve ltcg losses of greater than 1 lakh and stcg earnings of a couple of lakh!
Can I setoff complete earnings of stcg with ltcg losses earlier than March thirty first? Please affirm.
Hello @Viswanath_Kadiyala
As per the regulation, Whereas brief time period capital loss (STCL) may be set off in opposition to STCG and LTCG, Long run capital loss (LTCL) may be set off in opposition to solely LTCG
So, you can’t modify this yr however you possibly can carry ahead them for subsequent 8 monetary years
Tagging @Quicko to share extra insights on this
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Hello @Viswanath_Kadiyala,
As appropriately talked about by @Meher_Smaran, LTCL can solely be set off in opposition to LTCG. Therefore, you will be unable to set off LTCL in opposition to your STCG. Nonetheless, you possibly can carry ahead them for 8 years and may set-off in opposition to any LTCG you might have within the subsequent years.
Right here’s an in depth learn that may assist additional!
Study by Quicko – 5 Apr 23
Set Off and Carry Ahead of Losses underneath Revenue Tax – Study by Quicko
Learn revenue tax guidelines to set off losses in opposition to taxable revenue and carry ahead of remaining loss to set off in opposition to future incomes
Estimated studying time: 9 minutes