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of <h1>Capital loss carryforward under Section 74: set off only against same-type capital gains, carry forward up to eight assessment years</h1> Where an assessee incurs a net loss under the head 'Capital gains' for an assessment year, the entire loss is carried forward to the next assessment year and may be set off only against capital gains of the relevant type: losses from short-term capital assets against other short-term capital gains, and losses from long-term capital assets against gains on other long-term (non-short-term) assets; any unabsorbed amount is carried forward year to year, but no loss may be carried forward beyond eight successive assessment years immediately following the year in which the loss was first computed.
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