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1. After holding for two years Mugdha sold her investments in PQR equity fund for a loss. Which of the following statements is true?

She cannot claim a set off on the loss

She can set it off against a long term capital gain on another equity fund only

She can claim a set off only in the next year

2. _______ capital loss can be set off against long and short term capital gains

Long term

Short term

Any

3. Pravin sold his mutual fund investments at a loss. This capital loss can be carried forward for a period of _____ years.

eight

seven

five

4. Set off means deduction of capital gain from __________.

Business Loss

Capital loss

Unrealised loss

5. Long term capital loss can be set off against ________.

Long term capital gain

Short term capital gain

Long term capital loss

Set-off of capital losses from mutual funds

mutual funds: set-off provisions

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Level - 6,3,8,6 BASIC

Capital gains from mutual funds can be set off against capital losses so that taxes need to be paid only on the net gains. Watch this investor education video by Moneykraft to understand how short and long term capital gains and losses can be set off to the advantage of the investor.

AUTHOR(s):Uma Shashikant

Set-off of capital losses from mutual funds

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