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Long term capital loss prior to 01/10/2004

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(Querist)
24 January 2014 Mr A. Sold shares in AY 2002-03, and incurred lonf term capital loss of Rs 50,000. AY 09-10, Mr A sold a property and earned a long term capital gain of Rs 1,00,000.

Can the loss of AY 2002-03 can be set-off against long term capital gain in AY 09-10 as during AY 02-03, the section 10(38) was not in existence. i.e it came into effect only from 01/10/2004. Hence Long Term capital loss on shares were allowed to be carried forward and sett off against other long term capital gain.
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CA Mohit Bansal

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CA Mohit Bansal (Expert)
24 January 2014 Yes! You can set off the above loss from the long term capital gain during A Y 2009-10
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AVTAR SINGH

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AVTAR SINGH (Expert)
24 January 2014 Once the loss has been assessed, it can be carried forward and set off against the gain of subsequent 8 assessment years.
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