I have a depreciation loss of 23130 carried forward from last year. and this year I have Short term capital gains from US stock market of ~50000. Will it be possible to claim the 23130 against this 50000?
If yes, what’s the rest of the gains taxed at?
Hi @Siddhartha_Das
Capital gains can be set off only against capital gains in case of brought forward losses.
Meaning, STCL can be set off against both STCG & LTCG and LTCL only against LTCG.
Okay, understood. Also in that case what do we set off depreciation loss against? How do we benefit from that?
Hi @Siddhartha_Das
The business loss can be set off against business income only in the case of brought-forward losses.
Understood. What do I set off depreciation loss against?