Losses under the head "Capital gains"

Subject to the other requirements of this Chapter, a loss that results from the computation under the title "Capital gains" for any assessment year should be handled as follows:-

(a) the portion of the net loss that relates to short-term financial assets shall be carried forward to the subsequent assessment year and offset against the capital gains, if any, pertaining to short-term capital assets completely accurate for that assessment year; if it is not possible to do so, the portion of the net loss that cannot be offset shall be carried forward to the subsequent assessment year, and so forth;

(b) if there are any capital gains related to capital investments other than short-term capital assets completely accurate for that assessment year, the portion of the net loss related to those assets will be carried forward to the subsequent assessment year and offset against those gains, if any; if not, the portion of the net loss related to those assets will be carried forward to the subsequent assessment year, and so on.

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As long as the net loss calculated in relation to such financial assets for any evaluation year does not exceed 5,000 rupees, it must not be carried forward under this section in the case of any assessee who is not a corporation.

Any loss calculated under the heading "capital gains" for the assessment year beginning on April 1, 1961, or any earlier assessment year that is carried forward in accordance with subsection (2B) of that section, shall be handled in the assessment year beginning on April 1, 1962, or any subsequent assessment year, as follows:-

  (a) it must be carried forward as well as set off in line with certain rules if it pertains to short-term capital assets; and

  (b) when it comes to capital assets that aren't short-term, they must be carried forward and offset in line with certain other criteria.

No loss described in clause (a) of the first subsection, clause (a) or clause (b) of the second subsection may be carried forward under this segment for more than eight evaluation years immediately following the evaluation year for which the loss was initially computed under this Act or, as applicable, the Indian Income-tax Act of 1922. (11 of 1922).

No loss specified in the first subsection's clause (ii) may be carried forward under this subsection for more than four evaluation years following the evaluation year for which the loss was initially calculated in accordance with this Act.

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