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Confused about using Long Term Capital Loss from Grandfather Clause with Equity redemptions?

T S Khurana |186 Answers |Ask -Follow

Tax Expert - Answered on Sep 09, 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

Asked by Anonymous - Aug 02, 2024Hindi

Money

Khurana Sahib...Namaskar...Pl.adv.if LongTerm Capital Loss incurred against FMV under Gr.Father Clause(31Jan2018) can be adjusted against LTCG in Equity redemptions in the FY.2023-24 or Both in the same FY..???...Thx.

Ans: 01. Long Term Capital Loss can be carried forward for 8 years & adjusted against LTCG during this period. Since there is no mention of date of Long Term Capital Loss, I can't confirm its adjustment during f/y 2023-24. Kindly watch the time line.
Most welcome for any further clarifications. 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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I had some CG LONG TERM LOSS in AY 2020-21, AY 2021-22. By oversight, I could not fill up BFLA schedule and therefore was unable to set off LTCG of AY 2020-21 & 2021-22 against LTCG in AY 2022-23. My assessment for AY 2022-23 is also complete. Can I file for RECTIFICATION of return for AY 2022-23and set off LTCG losses of earlier years? Await your guidance.

Ans: You can file a revised return only to remove the omission and mistake and/or correct the arithmetical error.It cannot be filed for altogether a new claim.

Thus, matter of new claim in revised return can be subject to litigation.

If you file revise return to claim brought forward loss of earlier years against capital gain of AY 2022-23 and if income tax department observes that it is new claim, your claim might be denied as same was not claimed in original return. However, it can be argued that revised return is filed to remove mistake of not claiming brought forward losses.

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Question by Sanjiv - Jul 23, 2023Hindi

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Dear Sir...Can the LTC Loss of Rs.3.5Lacs incurred against Flat Sale ( after 12Yrs) in May2023 can be adjusted against LTC Gains of Rs.4Lacs earned from Redemption of Eq.Shares & Mutual Funds ( after 5Yrs.) In June2023..and the Balane of Rs.50Thousand of LTC Gains be Exempted upto 01Lac. Also any Limit of upto 02Lac LTC Loss only can be adjusted against 4L LTC Gains in this FY 2023-24 and the Balance of 1.5L LTC Loss to be carried ovet in subsequent year which can be adjusted ONLY against LTC Gains earned from Property in that Year. Pl advise & Clarify...Thanks. Sanjiv Kumar.

Ans: Dear Sanjiv,

Based on the information available, it appears that you can indeed adjust your Long Term Capital (LTC) loss against LTC gains in the same financial year.

In your case, the LTC loss of Rs. 3.5 Lacs from the sale of a flat can be adjusted against the LTC gain of Rs. 4 Lacs from the redemption of equity shares and mutual funds. This leaves you with a balance LTC gain of Rs. 50,000.

As per the Income Tax Act, LTC gains up to Rs. 1 Lac are exempt from tax. Therefore, your balance LTC gain of Rs. 50,000 should be exempt.

Regarding the limit of LTC loss adjustment, there doesn't appear to be a specific limit of Rs. 2 Lacs for adjusting LTC loss against LTC gains. However, any unadjusted LTC loss can be carried forward to subsequent years and set off against future LTC gains.

Please note that this is a general interpretation based on the available information. For a more accurate understanding of your tax liability, I would recommend consulting with a tax professional or a chartered accountant who can provide advice based on a comprehensive understanding of your financial situation.

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Hello Mr.Mihir...Pl.confirm that LTC.LOSS of App.03Lacs incurred on Sale(after 12Yrs.) of Residential Flat in FY2023-24 can be adjusted against LTC.GAIN (App.04Lacs) made on Sale of Equity (after mor than 1Yr.) In FY.2023-24 itself upto 03Lacs...and Balane of Rs.1Lac Claimed as Exempted....Thanks.

Ans: If immovable property (being land or building or both) held for not more than 24 months, it shall be treated as short-term capital asset. Equity or preference shares in a company which are listed in any recognized stock exchange in India shall be treated as short-term capital asset, if it is held not more than 12 months.

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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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