I have booked LTCG during this FY. I have the following:
–LTCG carried forward from FY 2023-24. I will set this off.
–I have STCG during the current FY, which will automatically set off.
–I intend to book some STCL as part of tax loss harvesting, IF I can set that off against the remaining LTCG.
Will the above set off be permitted?
Is this possible, also what is the benefit. You would have already paid tax in 23-24 on the LTCG. On STCL or LTCL can be carry forwarded provided you had filed the return.
Curious as to why you would carry forward LTCG.
The way I understand is STCL and LTCL can be carried forward for the next 8 years.
This is provided you file returns and record the losses.
Long-term capital loss will only be adjusted towards long-term capital gains. However, a short-term capital loss can be set off against both long-term capital gains and short-term capital gain.