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of <h1>Manage Capital Gains: Section 74 Allows Set-Off of Long-Term Losses, Short-Term Losses Against Various Gains, and 8-Year Carry Forward.</h1> Losses under capital gains can be managed under Section 74. Brought forward long-term capital losses can be set off against current year long-term capital gains but not against short-term gains. Conversely, brought forward short-term capital losses can be set off against both current year short-term and long-term capital gains. These capital losses can be carried forward for up to eight assessment years following the year in which the loss was initially computed. It is essential to file a return of loss before the due date specified under Section 139(1) to carry forward these losses.
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