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Can I deduct short-term capital loss against long-term capital gain?

T S Khurana |427 Answers |Ask -Follow

Tax Expert - Answered on Aug 31, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Question by Shah on Aug 24, 2024Hindi

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1) Any other Income / Investment areas to recover / adjust / take benefit in tax for Speculation / Intra Day Loss of Equity in same / future years ? 2) if one has Short term Capital loss (Prev. year carry forwarded & of Same year) Example - 2 lacs can it be deducted / adjusted against Long term Capital Gain...Example 3 lacs Profit in same Fin. year So there will not be any tax as up to 1 lacs LT is Free ? Pl reply & if yes for how many years this benefit can be taken ?

Ans: 01. Speculation Loss can be carried forward for adjustment in future, BUT it can only be adjusted against Speculation Gains. In your case, it may not be possible to adjust the same against LTCG from non-speculation activities.
02. Speculation Loss can be carried forward for 4 years, for adjustment against speculation Gains.
Most welcome for any further clarification. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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if one has Short term Capital loss (from Equity Prev. year carry forwarded) Example - 2 lacs can it be deducted / adjusted against Long term Capital Gain...Example 3.25 lacs Profit in same Fin. year from MF So there will not be any tax right ? 1) 1.25 Lacs is free tax limit of Long term + Balance 2 lacs would be adjusted against LTCG Vs Carry forwarded STCG ? Pl confirm if my understanding is right So there will not be any tax on LTCG

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Dear Sir, If i have 2.5 Lacs Short term capital loss carry forwarded of Previous year & Long term capital gain of 3 lacs from Selling Mutual Funds etc.. No Short term Capital Gain in Same Fin. Year What could be tax impact for this year.. I think Nil 1) First this will compensate against limit of 1.25 lacs as per latest Budget (3-1.25 = 1.75 lacs) & than it would be adjusted against last years Carry forwarded STCG of 2 lacs ? So it would be Nil as of Now.. and still I can get benefit of 25k next year... Pl revert if my Understanding is Correct..

Ans: Your understanding is mostly correct. The long-term capital gain (LTCG) of Rs 3 lakhs will first be reduced by the Rs 1.25 lakh exemption, leaving Rs 1.75 lakhs taxable. This Rs 1.75 lakhs can then be offset against your carried-forward short-term capital loss (STCL) of Rs 2.5 lakhs, making your taxable LTCG nil for the year. Additionally, you will carry forward Rs 75,000 of STCL to the next financial year, which can be used to offset future gains.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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