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of <h1>Section 74 Update: Capital Gains Losses Can Be Carried Forward; Rules Differ for Short-Term and Other Assets.</h1> Section 74 of the Income Tax Act is replaced to address losses under 'Capital Gains.' If the net result of capital gains computation is a loss, it can be carried forward to offset future gains. Short-term capital asset losses can be carried forward indefinitely until offset, while losses from other capital assets can also be carried forward similarly. However, non-company assessees with losses not exceeding five thousand rupees cannot carry these forward. Losses from prior assessment years are also addressed, with a carry-forward limit of eight years for short-term assets and four years for other assets.
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