GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Be carried forward
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Be set off from other head of income in the same assessment year
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Neither be set off nor carried forward
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None of these
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Detailed explanation-1: -If loss under the head “Capital gains” incurred during a year cannot be adjusted in the same year, then unadjusted capital loss can be carried forward to next year.
Detailed explanation-2: -Carry Forward and Set Off of Capital Loss The taxpayer can carry forward loss under the head ‘Capital Gains’ that remains after set off for 8 assessment years. The taxpayer can only carry forward their loss if they have filed ITR before the due date of u/s 139(1).
Detailed explanation-3: -Capital losses of previous tax years which are unutilised may be carried forward indefinitely for offset against subsequent tax year capital gains (subject to possible limit). Current tax year capital losses are offset before any capital losses brought forward from earlier tax years may be used.