Legal Insights into carry forward and set off of losses under the head "Capital gains" : Clause 111 of the Income Tax Bill, 2025 Vs. Section 74 of the Income Tax Act, 1961
14 April, 2025
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Carry forward of capital losses: long-term losses limited to long-term gains; short-term losses may be set off under new Bill. Clause 111 and Section 74 permit carry forward and set off of unabsorbed capital losses, distinguishing long-term losses (set off only against long-term ... Summary
Carry forward of capital losses: long-term losses limited to long-term gains; short-term losses may be set off under new Bill.
Clause 111 and Section 74 permit carry forward and set off of unabsorbed capital losses, distinguishing long-term losses (set off only against long-term capital gains) from short-term losses (set off against any capital gains), and both limit carry forward to an eight-year period measured from the year the loss was computed; Clause 111 uses the term "tax year" and cross-references related provisions in the new Bill while Section 74 refers to "assessment year."
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