can i do this?

Question

Last year I made some capital loss in the shares , where as this year i am having some short term gain..Can i adjust last years loss against this years profit?

I read somewhere that you can carry forword the losses upto 8 financial years is this true?

Answer 1

There are two categories of capital gains. One is short-term, and the other is long-term. Some key points below which will help you reach a conclusion to your answer:

1. You must have filed your income tax return before due date in earlier years, in which you must have carried forward capital gains loss. Only then, you can set off this year's income against earlier years' loss.

2. You can not set off loss under long-term capital gains with income under short-term capital gains.

3. If your last year's loss under capital gains was from some transaction, income from which is exempt from tax, then you can not offset any income with that loss. As an example, income from long-term capital gains on security transactions for which STT (Securities Transaction Tax) has been paid, is exempt from income tax. Hence, any loss from such transaction can not be offset against any income.

Ankur Sharma
www.taxspanner.com

Answer 2

You can claim a setoff of the losses of the previous year, provided you had filed your return of income for the previous year well within the due dateof fing returns and had declared the loss in that return

Answer 3

No, you cant do like that as you have file IT return every year, you have to show your current year's profit and losses only. You cant adjust.

Answer 4

ya sure u can do it!!!
with will and determination everythin's possible!!!

take tips from some experts...
think a thousand times before u buy a share..
get the info of the company(of the share) u'r gonna buy.. and then decide that whether it will go up or down!!

best of luck buddy!!
my best wishes are with u!!!!

Answer 5

NO.

Please get into touch with your CA and he/she will explain about the same.