24 January 2014
Mr A. Sold shares in AY 2002-03, and incurred lonf term capital loss of Rs 50,000. AY 09-10, Mr A sold a property and earned a long term capital gain of Rs 1,00,000.
Can the loss of AY 2002-03 can be set-off against long term capital gain in AY 09-10 as during AY 02-03, the section 10(38) was not in existence. i.e it came into effect only from 01/10/2004. Hence Long Term capital loss on shares were allowed to be carried forward and sett off against other long term capital gain.
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