Adjusting short term capital loss along while benefiting from section 112a

I’ve a short term capital loss(from equity) of (44k)
If i sell shares/MFs which amount to a long term capital gain of 1.44 L, will i be able to offset 44k of the gains against STCL above, and still get a tax exempt on the remaining 1L of long term gains(under section 112a)

Hi @deeonline

As per the income tax rules for set off and carry forward of losses, STCL i.e. Short Term Capital Loss can be set off against both Short Term Capital Gains and Long Term Capital Gains in the current year. The taxpayer can carry forward the remaining loss for 8 years and set off against future STCG and LTCG only.

You can read more on this on @Quicko’s below article.

Hi @deeonline

As rightly said by @deeonline, STCL can be set off against LTCG.
If there remains any LTCG, up to ₹1 Lakh shall be exempt under section 112A.