Set-Off of Capital Gains(Intra-head)

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Radhesh Bhoot (Querist)

26 July 2010 My Query:

LTCGain - Current Year - Rs. 238,964
LTCLoss - Previous Year - Rs. 152,946
STCLoss - Current Year - Rs. 274,612

I want to know the order of priority for setoff and also if possible please mention where in act it is there to read it or any other written proof.

I have set-off in the below mentioned manner:-

LTCG - CY 238,964
LTCL - PY - (152,946)

Remaining LTCGain 86,018
STCL - CY - (274,612)

STCL C/F (188,594)

Aditya Maheshwari

Aditya Maheshwari (Expert)

26 July 2010 First current years loss must be set off and then b/f losses to be set off.

Radhesh Bhoot

Radhesh Bhoot (Querist)

27 July 2010 thanks for replying but This rule applied to Business loss and depreciation... but can u show me where is it written for Capital Gains also....

Aditya Maheshwari

Aditya Maheshwari (Expert)

27 July 2010 Section 74(1)
(c) if the loss cannot be wholly so set off, the amount of loss not so set off shall be carried forward to the following assessment year and so on.]

So first set off current year then carry forward.

Radhesh Bhoot

Radhesh Bhoot (Querist)

28 July 2010 i got it... thanks for giving the exact section....

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