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Is this a valid capital loss scenario?

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(Querist)
08 January 2014 Property buy 2005 - 25L
Property sale 2013 - 35L (Net after sale expenses)
Indexed cost - 2013 - 38L (Applying cost inflation index from 2005->2013 on 25L)

Capital Loss = 38-35 = 3L

Can I show a capital loss of 3L in my income tax returns?
I would like to offset future gains against this loss.

Thanks,
Kapil
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CA DHEERAJ

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CA DHEERAJ (Expert)
08 January 2014 yes

you show such capital loss in your return
and read below analysis of section 74

LOSS UNDER THE HEAD CAPITAL GAIN u/s 74

Loss on short term capital asset
Any loss on short-term capital asset is allowed to be carried forward to be set-off
in subsequent years against capital gains (short-term as well as long-term). The
period of carry forward is 8 years.

Loss on Long-term capital asset
Any loss from long-term capital assets can also be carried forward to be set-off in
subsequent years but against only long-term capital gains. The period of carry
forward is 8 years.
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