InvestorQ : I have losses on long term equities sold in November 2017. Can I now claim that as a set off against my capital gains this year?
Arya Nanda made post

I have losses on long term equities sold in November 2017. Can I now claim that as a set off against my capital gains this year?

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Deepa Salunkhe answered.
2 years ago
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The answer to your question is a clear no. If income from a particular source is exempt from tax, then loss from such source cannot be set off against any other income which is chargeable to tax. For instance, agricultural income is exempt from tax hence, if the taxpayer incurs loss from agricultural activity, then such loss cannot be adjusted against any other taxable income.? Similarly, any long term capital losses on equity up to March 2018 cannot be set off against other long term gains as the LTCG was exempt fully from tax during this period. That is the logic that will be applied on set offs.
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