Income Tax Appellate Tribunal (ITAT) has upheld the taxpayer's right for capital loss set off

Income Tax Update

Headline: Income taxpayers can set off short term capital loss from share sale against long term capital gains: ITAT

The Income Tax Appellate Tribunal (ITAT) has upheld the taxpayer's right to engage in legitimate tax planning. According to a TOI report, taxpayers can now set off short-term capital loss incurred from the sale of shares against long-term capital gains (LTCGs). This decision provides a significant opportunity for taxpayers to optimize their tax liabilities.

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