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?
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?
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?