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Options
- A
short term capital gains only
-
short term capital gain or long term capital gain
Correct answer
- C
long term capital gains only
- D
Short term capital loss cannot be set off
Why this is the answer
According to the Income Tax Act, a short-term capital loss can be set off against both short-term and long-term capital gains. However, long-term capital losses can only be set off against long-term capital gains.
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