The Economic Times News

Man cuts taxable income by Rs 25 lakh by setting off losses from shares and mutual funds against current LTCG: ITAT Delhi clarifies rules

ITAT Delhi ruled that brought forward long-term capital losses and current year's short-term capital losses from shares and mutual funds can be set off against long-term capital gains. This decision allowed a taxpayer to reduce his taxable income by Rs 25 lakh, overturning the tax department's disallowance. Read below to know how the taxpayer won.