Barinaalice
New Member
Even if you have made some short-term loss in stocks, that gives you reason enough to cut the tax that you are paying. See what the IT Act has to say in this regard – it says that in case you have acquired any long-term financial gain from selling of property, debt funds or gold investment, you can head that out against the losses that you have made in stocks, to cut down your tax liability.
However, the law would want you to note one thing here and that is you must not expect this to work the other way round also. In other words, short-term gains obtained from stocks cannot be set off against long-term financial losses occurring from any other asset.
For claiming this tax benefit you would be requiring a proof. So hold onto your account statement of Equity trading containing all the transaction details that accounted for the loss.
However, the law would want you to note one thing here and that is you must not expect this to work the other way round also. In other words, short-term gains obtained from stocks cannot be set off against long-term financial losses occurring from any other asset.
For claiming this tax benefit you would be requiring a proof. So hold onto your account statement of Equity trading containing all the transaction details that accounted for the loss.
