Long term capital loss prior to 01/10/2004
This query is : Resolved
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.
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.
24 January 2014
Yes! You can set off the above loss from the long term capital gain during A Y 2009-10
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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