Carry forward of long term capital loss

Tax queries 620 views 3 replies

Can Long term capital loss be carried forward in any way in case of death of the assessee in the same financial year?

Replies (3)

Yes, provided the legal heir of the deceased or the executor of the estate of the deceased files a return of income of the assessee in either of these capacities.

thanks.. can u pls provide me with the exact section or case law in this case?

reg business loss, its clear that legal heir can carry forward, but is it the same in case of Capital losses also(under head Capital Gains)?

You can read up Section 74.  Don't see why there should be a different treatment for business loss and Long term capital loss.  Only ensure that the returns where the losses were claimed for the first time were filed in time as per Section 139(3). 


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