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Long Term Capital Gains

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(Querist)
24 June 2011 Dear Sir,

I like to know that If long term Capital Gains generated in a particular years can be set off against Losses arises out of Business /Profession in the earlier years that is being carried forward for last 3 years .
if Yes then mention the section , and if no then also mention the sectionor any caselaws supprting the answer
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CA KRISHNA KUMAR DARUKA

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CA KRISHNA KUMAR DARUKA (Expert)
24 June 2011 Long term capital loss can only be adjusted against long term capital gains as per section 74 of the Income Tax Act.
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ANITA KAR

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ANITA KAR (Querist)
24 June 2011 It is not Long Term Capital loss but Long Term Capital gains
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