How to prevent surcharge?

[mythriilesque]

@patrick702 Yes

 

[jacquelineblessedangel]

@mythriilesque Thanks

 

[lightlove7]

@mythriilesque My belief is you can't set off the losses incurred in other investments against the income you earn from salary. I hope someone with more knowledge on the matter can expand on it.

 

[pastorvoce]

@lightlove7 This is correct. You cannot offset equity/FnO losses against salary

Source - the sad man that paid 25L in taxes in FY23

 

[resjudicata]

@mythriilesque You can't do that since op is talking about income from salary.

Long term capital losses can only be set off against long term capital gains and short term capital losses can be set off against only LTCG and STCG.

So even if op books some loss, he can't set that off against his salary income.

 

[peppekalle]

@resjudicata That's called tax harvesting. Search it up!

 

[resjudicata]

@peppekalle Yeah, but a capital loss can only be used against a capital gain and not against salary income.