WebAug 20, 2024 · A taxpayer incurring a loss from a source, income from which is otherwise exempt from tax, cannot set off these losses against profit from any taxable source of Income. Losses cannot be set off against casual income i.e. crossword puzzles, winning … If you have incurred a long term capital loss on selling shares or equity mutual fund … WebMar 16, 2024 · As per S-70 (1) – Loss from any head of income other than capital gains can be adjusted against same head of income. As per S-70 (2) – Loss from Short Term …

Tax Loss Harvesting for Stock Traders - Learn by Quicko

WebJan 27, 2024 · The current year depreciation for any assessment year shall be set off: Firstly, against the profits and gains of any business or profession carried on by the assessee assessable for that assessment year and The balance if any, against the income under any other head for that assessment year. WebMar 13, 2024 · Find out if you need to pay tax on income earned from selling shares. Know about STT and taxation on shortcut term, long conception gains & losses on Equity Shares. curiousity outlet

Set Off and Carry Forward of Losses under Income Tax Act

WebApr 13, 2024 · Tips to Reduce the Burden of STCG on Shares . It is difficult to reduce the tax liability that arises from short-term capital gain tax on the sale of shares. However, individuals may adopt the following measure to reduce the tax burden. 1. Set-off Capital Gain. Individuals can adjust short-term capital loss against long-term and short-term ... Web“1. The ld CIT(A) has erred in not appreciating the fact that provisions under section.72 of the income tax act 1961 allows only business loss to be set off against business income … WebJan 23, 2024 · The capital losses can be set-off against capital gains only. For example: If you make capital loss on stock investment, you can set-off this loss against capital gains … easy healthy summer appetizers