Anil Rego |340 Answers |Ask -Follow
Financial Planner - Answered on Apr 04, 2022
The LTCL is in excess of my current year's LTCG. The income tax site is automatically setting off the full LTCG for the current year against my brought forward LTCL.
However, LTCG to the extent of Rs 1 lac is in any case exempt from tax as per section 112A. So the automatic set off of the LTCL against the LTCG should be to the extent of the amount of LTCG in excess of Rs 1 lac. As this facility is not permitted by the current software (I have not been able to locate it), could you please advise me how to proceed in this regard.
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