Long term loss tax adjustment

#2
Sir, I book long term loss in shares,then against what type of gain can I adjust this loss which will be exempted from tax also
The taxation policy of the Indian government is based on good trading practice.
They want us to book loses sooner and carry our winning position for longer.

Book your loses early before it qualifies as long term to get taxation benefits,
and carry the winning position across 2 financial years to get exemption :thumb:

Happy :)
 
#3
But I have read that short term equity loss can be adjusted to short term equity gain for next 8 years.
What I actually want to know whether there is any type of gain than be used to adjust long term loss,so that the gain is exempted from tax.
 
#4
Yes short term loss can be carried forward provided you have filled your IT returns in time.

I guess no such provision for long term as of now long term capital gains have no tax liability so what will you set them off against?

But would like to get view from some taxation experts :thumb:


Happy :)
 
#5
Yes. Even I had incurred long term losses. I had contacted my CA and he had confirmed me that long term equity losses can not be carried forward and hence can not be adjusted with anything. That is how it works.
 

Mr.G

Well-Known Member
#6
Yes. Even I had incurred long term losses. I had contacted my CA and he had confirmed me that long term equity losses can not be carried forward and hence can not be adjusted with anything. That is how it works.
Long term losses can be carried forward and deducted from taxable income! YOUR CA IS A DIM!
 

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