Under Capital Gains tax, can long term loss in equities be set-off against long term gain in equities in the next financial year?

Yes, this is possible. Long Term Capital Loss (LTCL) from capital assets (equity shares are capital assets too) can be set off against Long Term Capital Gain (LTCG) in that year. If any LTCL arising in a particular year has not been set off it can be carried forward for 8 assessment years and set off against LTCG in those years.

For instance if in 2012-13 your LTCL is Rs 1.5 lacs and LTCG is Rs 1 lac then Rs 1 lac of your LTCL can be set off against LTCG in the same assessment year and remaining LTCL of Rs 50,000 can be carried forward to the next assessment year to be set off.

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