Capital Gains

Hi, You can report the Capital Gains under PART B - TI Section under the respective Tax-rates. For ex: Short term capital gains on Debt funds are charged at applicable income tax rate. So, can be reported @ Short term chargeable at applicable rate (7iv of item E of Sch CG)...   Yes, the losses on Debt Funds/Tax free bonds etc can be set-off or carried forward. "The losses on debt securities can be set-off against other taxable capital gains. While short-term capital losses can be set-off against any taxable capital gains, long-term or short-term, long-term capital losses can be set-off only against long-term capital gains (whether taxable at 20% or 10%). Therefore, if one has long-term capital gains on the sale of an immovable property, or on sale of unlisted equity shares, one can set-off these losses on sale of debt securities or debt mutual funds against such taxable long-term capital gains." If one cannot set-off capital losses in the same year, the losses can be carried forward for eight years for set-off against capital gains in subsequent years. Therefore, the decision on whether one should book the losses by selling the securities or units would to some extent depend upon the likely availability of capital gains to set-off the losses, either in the current year or the next eight years.