I have a question for capital gain: I have made a long term (after 3 years) capital gain of Rs 3,oo,ooo/- from debt mutual fund. The gain reduces to Rs 274000/- after indexation. I have also made a long-term capital loss (after 1 year) from equity mutual fund of Rs.1,80,000. Please help me with the taxability of these gain/loss after adjustment of gain/loss. The relavant F.Y. is 2019-2020.
Ans: Yes, if you have incurred any capital loss on selling Equity funds after 31-03-2018, you can set them off against any LTCG.In your case, you can set off this long-term capital loss against Long Term Debt MF capital gain and the balance gain will only be taxable.