Long Term Capital Gains
This query is : Resolved
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
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
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.
24 June 2011
It is not Long Term Capital loss but Long Term Capital gains
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