Carry forward of capital losses limited in duration; set off restricted by asset type, with distinct rules for long and short term losses. Clause 111 requires that an unabsorbed capital loss be carried forward to the subsequent tax year and set off according to asset type: long term capital ... Summary
Carry forward of capital losses limited in duration; set off restricted by asset type, with distinct rules for long and short term losses.
Clause 111 requires that an unabsorbed capital loss be carried forward to the subsequent tax year and set off according to asset type: long term capital losses may be set off only against long term capital gains, while short term capital losses may be set off against capital gains from any capital asset; carry forward is permitted only for a limited number of succeeding tax years, and "unabsorbed capital loss" is defined as loss under Capital gains not wholly set off for that year.
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