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  • Writer's pictureYashika Thakran

Losses under the head Capital gains

Updated: Oct 3, 2022

#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—

  1. Long-term capital loss can be set off only against long-term capital gains.

  2. Short-term capital loss can be set off against short-term or long-term capital gains.

  3. Such loss can be carried forward for 8 (eight) assessment years immediately succeeding the assessment year in which the loss was first computed.

  4. Such loss cannot be carried forward unless return is filed within the time limit of section 139(1)

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