What are the provisions regarding set-off of the following losses (a) Long term capital losses (b) Speculation losses.

Set off of Long-Term Capital Losses: Long-term capital losses can be set-off against any long-term capital gain in the same assessment year. If such loss remains unabsorbed in the same year, it can be carried forward for subsequent eight assessment your to be set-off only against long-term capital gain.

Speculation Losses: Speculation losses or loss from a speculation business can be set-off only against speculation income in the same year and cannot be set-off from any other income under the some head or under any other head. If such losses could not be fully set off, the balance can be carried forward for a maximum of 4 years to be set-off against speculation income.

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