#losses #company #capital #gains #notes #incometax Section 74 If the net result of the computation under the head “Capital gains” is a loss, the whole of the loss shall be carried forward to the following assessment year as follows— Long-term capital loss can be set off only against long-term capital gains. Short-term capital loss can be set off against short-term or long-term capital gains. Such loss can be carried forward for 8 (eight) assessment years immediately succeedin

#section54ed #capital #capitalgain #securities #income #investment #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. (1) Before 1 April 2006, if the capital gain arises out from the transfer of a long-term asset which is being listed securities or units and the assessee invested the whole or any part of the capital gain in acquiring equity shares fo

#section54a #investment #capital #assets #capitalgain #income #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. The sale of any Long-Term Asset other than residential property to an individual or Hindu undivided family will be exempt in full if the entire net sales consideration is invested in- Purchase of one residential house within 1 year before

#provisions #expenditure #scientificresearch #capital The section states that: (1) In respect of expenditure on scientific research, the following deductions shall be allowed— (i) any expenditure (not being in the nature of capital expenditure) laid out or expended on scientific research related to the business. Explanation.—Where any such expenditure has been laid out or expended before the commencement of the business (not being expenditure laid out or expended before the