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Mangal Dutt Sharma does not get overly perturbed when his stocks take a beating. "If possible, I book short-term losses and adjust them against other capital gains," says the Faridabad-based retired PSU manager. In 2008, when the capital markets were crumbling, Sharma booked short-term losses of up to Rs 1 lakh. Over the past six years, he has adjusted those losses against short-term capital gains from stocks and mutual funds. It's a simple strategy that smart taxpayers like Sharma use to cut.

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