Set off Short Term Capital Loss with Interest on FD?

Share
Share This Thread
  1. D K Pathak

    D K Pathak New Member

    (1) Can we offset short term capitol losses from equities with income from interest on saving/fixed deposit/capital gain accounts ?
    (2) Can we book a flat under construction and pay in stages from capital gain account up to 3 years ?

    D K Pathak
     
  2. Neha Sharma

    Neha Sharma Active Member

    Dear @D K Pathak

    1. Short Term Capital Loss can only be set-off against Capital Gains and not from any other head. You cannot set-off this loss against Interest Income.

    2. If you have booked a flat and are paying the amount deposited in Capital Gains Account Scheme, you would be allowed deduction. In case of purchase, of property, the time allowed is 1 year before or 2 years after the sale of property.
     
  3. D K Pathak

    D K Pathak New Member

    Thanks for your response. In fact the same is allowed in US.

    For No (2): I sold aproperty on 14th Feb 2013. I opened Capital gain account on 30th July 2013. I want to book a flat now which will be completed in the Aug 2016. Can I hold this account till then ?

     
  4. Neha Sharma

    Neha Sharma Active Member

    Some people of the opinion that purchasing a property is what the act requires and not making the payment... So they are of the opinion, that if you purchase a residential property - you would be allowed a deduction irrespective of when the payment is made...

    To be on the safer side, I would advise you to pay the amount (within 2 years if possible) and claim income tax exemption...

    When you have the money, you can pay within 2 years and be on the safer side... Moreover, the developer may give you some discount as well for early payment...
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
Speculation and short term capital gain Income Tax Apr 21, 2017
F&O losses and Short Term Gains Income Tax Jan 30, 2017
TREATMENT OF SHORT TERM CAPITAL LOSS IN RESPECT OF EQUITY SHARES Income Tax Jan 16, 2017
Short term capital gain tax Income Tax Dec 30, 2016
Short Term Capital Gain Income Tax Dec 29, 2016