Hey,
I had the same question as you. One day, I decided to ask my mother long-term capital loss can be set off against. She was nice to share with me the method to do so. Take a look at the paragraphs given below to know more.
There are many provisions given under Income Tax Act. You cannot set off long-term capital loss against normal income. According to my understanding, long-term capital loss set-off is only possible if it is done against Long Term Capital Gains.
You can set off the loss with the gains in a period of twelve months. In case you don't have any gains, you can carry forward capital loss up to a time period of eight years.
Short-term capital loss can be set off against long-term capital gain and short-term capital gain. Further, the loss cannot be offset in the years to come unless the Income tax return has been filled before the given due date.
This is all from my end on long term capital loss can be set off against. Any capital loss of long term which is incurred because of the sale of shares or equity mutual fund units after the date (31.3.2018) can be offset against LTCG(long-term capital gain) of your choice. Before this time period, any sort of long term gains on shares & equity funds were seen as dead loss.
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Authors Of The Question
capital loss can be set off against ?
Sanjay
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2 Year
2022-05-09T10:11:55+00:00 2022-05-18T13:54:34+00:00Comment
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