Summary of this article
Capital losses can offset equity or debt gains under general tax rules.
Vacant self-occupied flat maintenance charges cannot be claimed for tax benefits.
Spouse tuition fees are non-deductible, but education loan interest provides deductions.
Can the STCG/ STCL from an equity mutual fund be offset against STCG/ STCL in a Debt Fund? Can STCG/ STCL from an equity mutual fund be offset against LTCG/LTCL from a debt fund, and can LTCG/LTCL from an equity mutual fund be offset against LTCG/LTCL in a Debt Fund?
The law does not distinguish between capital gains and losses from debt funds or equity funds. Both are treated on a par for the purpose of set-off of losses. The broader rule is that any short-term capital loss can be set off against any other capital gain, whether it is short-term or long-term and whether it is from an equity mutual fund or a debt fund. So, any short-term capital loss from an equity mutual fund or debt fund can be set off against any long-term capital gains from debt/equity funds. But long-term capital loss can only be set off against any long-term capital gains and can not be set off against short-term gains.
I am a salaried person working in Kolkata. I am paying rent in Kolkata. I own a flat in Hyderabad which is lying vacant at present. I am paying maintenance for that flat. How can I get the tax benefit for that amount?
As the Hyderabad property is lying vacant and thus is to be treated as self-occupied, its annual value for the purpose of tax is NIL. Since the annual value of the property in Hyderabad is taken as nil, no further deductions except interest paid on the loan are allowed in respect of self-occupied property, that too under the old tax regime. So, you cannot claim the maintenance charges paid by you for income tax purposes.
My wife is a housewife. She is doing her higher education, and I am paying her college fees. Can I avail any sort of tax benefit on her education fees paid by me?
As per Section 123 of the Income Tax Act, 2025, which has come into force from 1st April, 2026, in place of the Income Tax Act 19161 and Section 80C, an individual can claim a deduction for tuition fees up to Rs. 1.50 lakh paid for a maximum of two children for full-time education in India under the old tax regime. The deduction in case of tuition fees for education is available only for children and no other relative. The deduction under Section 123 is available up to Rs. 1.50 lakh only and covers other items like PPF, PF, ELSS, NSC, Life Insurance Premium, home loan repayment, etc.
However, in case an education loan is taken for higher studies of your relatives, including your spouse and siblings, the interest paid by you during the year is available as a deduction under Section 129 of the Income Tax Act, 2025, under the old tax regime.
The author is a tax and investment expert and can be reached at
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