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

The Income Tax Appellate Tribunal recently upheld a taxpayer's right to engage in legitimate tax planning, allowing the set-off of short-term capital loss incurred from the sale of shares against long-term capital gains (LTCGs), according a TOI report. The decision is a huge relief for stock market investors who often face scrutiny during income tax assessments.