Set Off & Carry Forward of Capital Losses – Sec 74

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SEC – 74: LOSS UNDER THE HEAD CAPITAL GAINS

Brought forward Long term capital loss Can be set off against current year Long term Capital Gain
Brought forward Long term capital loss Cannot be set off against current year Short term Capital Gains
Brought forward Short term capital loss Can be set off against current year Short term Capital Gains
Brought forward Short term capital loss Can be set off against current year Long term Capital Gain

NOTES:-

  • Such capital losses can be carried forward to a maximum of 8 AYs, immediately succeeding the AY for which the loss was first computed.
  • It is necessary that a return of loss is furnished before the due date prescribed u/s 139(1).
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