Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)
26 June 2013Friends,
Wanted to updated how long term capital loss can be adjusted for an individual assessee. Also can short term capital loss be adjusted against income from other sources and/or income from profession.
Regards,
Dipjyoti
ANU BANSAL
("Love urself the most.........")
(2482 Points)
Replied 26 June 2013
Deepak Dargad
(Chartered Accountant....)
(9787 Points)
Replied 26 June 2013
Agreed with Anu ji..................
work is worship
(Service)
(2728 Points)
Replied 26 June 2013
Section 74 provides that where for any assessment year, the net result under the head ‘Capital gains’ is short term capital loss or long term capital loss, the loss shall be carried forward to the following assessment year to be set off in the following manner:
(i) Where the loss so carried forward is a short term capital loss, it shall be set off against any capital gains, short term or long term, arising in that year.
(ii) Where the loss so carried forward is a long term capital loss, it shall be set off only against long term capital gain arising in that year.
(iii) Net loss under the head capital gains cannot be set off against income under any other head.
(iv) Any unabsorbed loss shall be carried forward to the following assessment year up to a maximum of 8 assessment years immediately succeeding the assessment year for which the loss was first computed.
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3468 Points)
Replied 27 June 2013
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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