Capital gains loss carryforward limited by asset category and duration, with separate set off rules for short and other assets. The substituted section requires capital gain losses to be carried forward and set off in separate streams: losses from short term capital assets against short term capital gains and losses from other capital assets against gains from those assets; a small loss exclusion applies to non company assessees. Short term losses may be carried forward for up to eight succeeding assessment years and non short term capital losses for up to four succeeding assessment years. Transitional carry forwards from the earlier Act are allocated between these streams and dealt with accordingly.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Capital gains loss carryforward limited by asset category and duration, with separate set off rules for short and other assets.
The substituted section requires capital gain losses to be carried forward and set off in separate streams: losses from short term capital assets against short term capital gains and losses from other capital assets against gains from those assets; a small loss exclusion applies to non company assessees. Short term losses may be carried forward for up to eight succeeding assessment years and non short term capital losses for up to four succeeding assessment years. Transitional carry forwards from the earlier Act are allocated between these streams and dealt with accordingly.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
