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How to Set Off Losses in Income?

It is better to file a return through a tax return preparer (TRP) as he will help you to get the best out of your money and can also help you to pay minimum income tax as per the law.

One way where one can save income tax is the procedure by which investors can set-off a capital loss incurred on the sale or redemption of their investments against taxable gains made on other investments. This will reduce the tax that has to be paid. This is called set-off and if a capital loss cannot be set-off against a capital gain of that particular year, it can be carried forward for the next eight years. The applicable rules are:
  • Short-term capital loss can be set-off against long-term and short-term capital gains. Loss arising from a long-term capital asset can be set off only against long-term capital gains.
  • Short-term or long-term capital loss can be set off only against income under the head capital gains and not any other source of income.
  • A loss under any other head of income can be set off against short or long term capital gain.
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