Capital gains loss carry forward limited to set off against future capital gains with an eight year cap and transitional limits. Substitution of section 74 provides that losses under the head Capital gains not set off under section 71 shall be carried forward and set off only against capital gains in subsequent years, with any unabsorbed portion carried forward further; carry forward is limited to eight succeeding assessment years. Transitional rules require short-term capital losses computed for the 1987 assessment year or earlier to follow the new carry-forward rules, while long-term capital losses are first reduced by deductions under section 48(2) and then carried forward but not beyond the fourth succeeding assessment year.
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 carry forward limited to set off against future capital gains with an eight year cap and transitional limits.
Substitution of section 74 provides that losses under the head Capital gains not set off under section 71 shall be carried forward and set off only against capital gains in subsequent years, with any unabsorbed portion carried forward further; carry forward is limited to eight succeeding assessment years. Transitional rules require short-term capital losses computed for the 1987 assessment year or earlier to follow the new carry-forward rules, while long-term capital losses are first reduced by deductions under section 48(2) and then carried forward but not beyond the fourth succeeding assessment year.
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