Short term capital loss can be set-off as per provisions of section 72 of the Income Tax Act, 1961 from:

CS Executive · Tax Laws and Practice · PYQS · June 2019
Short term capital loss can be set-off as per provisions of section 72 of the Income Tax Act, 1961 from:
(A) Short term capital gain
(B) Short term capital gain and Long term capital gain
(C) Long term capital gain
(D) Short term capital gain and profit & gain from business

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B). Official source note: The question has typo error i.e. "instead of section 72 of the Income Tax Act, 1961 it should be section 74 of the Income Tax Act, 1961. However this would not impact the options of the question.

Topics: Income Tax Act, 1961

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