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How to set-off short-term capital gains?
July, 01st 2019

Short-term capital loss can be set off against short-term capital gains as well as long-term capital gains."

Short-term capital loss can be set off against short-term capital gains as well as long-term capital gains. Short-term capital gains from debt funds (held for three years or less) can be set off against short-term capital loss from stocks (held for one year or less). The net short-term capital gains are taxable at the slab rates applicable to a taxpayer. Net short-term capital loss can be carried forward for adjustment for up to eight years."

Amit Maheshwari, Partner, Ashok Maheshwary and Associates says, "If the sale value of equity mutual funds units after deducting their cost of acquisition (COA) exceeds Rs 1 lakh, you will have to pay capital gains tax at 10% on such gains. The COA of such units shall be the actual cost of their investment or the net asset value of the investment as on 31 January 2019, whichever is higher. If you are resident in India, you are allowed an exemption of Rs 3 lakh from your total income, while calculating your taxable income."

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