Capital Gains

Forums Budget 2017 Capital Gains

Capital Gains

Can you elaborate how capital gain can be set off against any losses as per the new budget?

Profile photo of Rahul Kohli Asked By: Rahul Kohli 1 replies 1 helpful answers Last Updated: 4 months, 3 weeks ago
  • Profile photo of Rahul KohliRahul Kohli
    Participant

    Can you elaborate how capital gain can be set off against any losses as per the new budget?

  • Profile photo of Chetan ChandakChetan Chandak
    Moderator

    – Loss from transfer of a long-term capital asset can be set off against gain from transfer of any other long-term capital asset in the same year. But, long-term capital loss cannot be set off against short-term capital gains.
    -Loss from transfer of a short-term capital asset can be set off against gain from transfer of any other capital asset in the same year.
    -Any unutilised capital loss after absorption in the same year can be further carried forward to next eight years and be utilised under the same conditions as above.
    -You should file your I-T return before July 31 to carry forward any losses

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