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of <h1>Section 74: Capital Gains Loss Carry-Forward Rules Amended by Finance Act 1987; Eight-Year Limit on Short-Term Losses.</h1> Section 74 of the Income-tax Act, as amended by the Finance Act of 1987 effective April 1, 1988, addresses the treatment of losses under 'Capital gains.' If an assessee incurs a capital gains loss that cannot be fully offset against other income, the unutilized loss is carried forward to subsequent assessment years. This loss can be offset against capital gains in future years, with a maximum carry-forward period of eight years. Losses from short-term capital assets follow the same rules, while long-term capital asset losses must be reduced by specific deductions and cannot be carried forward beyond four years.
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