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Can I Offset Short-Term Capital Loss Against Long-Term Gain in Same Financial Year?

Milind Vadjikar | Answer |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Oct 02, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Question by Shah on Oct 02, 2024Hindi

Money

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

Ans: Your understanding is correct but for more comfort you may seek a documented advice from a CA.

This comes handy in case there are any queries from the IT Dept. in future.

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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Good afternoon sir, For AY 23-24, I have STCL of Rs 90000 and LTCG of around 75000 from listed shares. please guide how much short term loss can be carry forwarded. Entire Rs 90000 or Rs 15000. Whether basis exemption limit on LTCG of Rs 100000 is applicable here or not.

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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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