Answer-Short-term capital loss can be set off against:

Q: Answer-Short-term capital loss can be set off against:

Explanation Short-term capital loss STCL can be set off against both short-term capital gains STCG and long-term capital gains LTCG in the same financial year. If not fully utilized, it can be carried forward for eight subsequent years to be set off only against capital gains. It cannot be set off against income from other heads.

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Short-term capital loss can be set off against:

Question

Short-term capital loss can be set off against:

A Only short-term capital gains Correct Answer Incorrect Answer

B Only long-term capital gains Correct Answer Incorrect Answer

C Both short-term and long-term capital gains Correct Answer Incorrect Answer

D Any income Correct Answer Incorrect Answer

Solution

Explanation: Short-term capital loss (STCL) can be set off against both short-term capital gains (STCG) and long-term capital gains (LTCG) in the same financial year. If not fully utilized, it can be carried forward for eight subsequent years to be set off only against capital gains. It cannot be set off against income from other heads.

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HPCL CA

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