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Long Term Capital Gains

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24 June 2011 Dear Sir,

I like to know that If long term Capital Gains generated in a particular years can be set off against Losses arises out of Business /Profession in the earlier years that is being carried forward for last 3 years .
if Yes then mention the section , and if no then also mention the sectionor any caselaws supprting the answer

24 June 2011 Long term capital loss can only be adjusted against long term capital gains as per section 74 of the Income Tax Act.

24 June 2011 It is not Long Term Capital loss but Long Term Capital gains




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