Losses under the head Capital gains

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..... hapter, be carried forward to the following assessment year, and- ( a ) in so far as such loss relates to a short-term capital asset, it shall be set off against income, if any, under the head Capital gains assessable for that assessment year in respect of any other capital asset; ( b ) in so far as such loss relates to a long-term capital asset, it shall be set off against income, if any, .....

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..... 86, w.e.f. 1-4-1987. 2. Substituted by the Finance Act, 2002, w.e.f. 1-4-2003. Prior to its substitution, sub-section (1), as amended by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1992, read as under : '(1) Where in respect of any assessment year, the net result of the computation under the head Capital gains is a loss to the assessee, the whole loss shall, subject to the other provi .....

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..... sessment year commencing on the 1st day of April, 1988, or any subsequent assessment year as follows :- (a) in so far as such loss relates to short-term capital assets, it shall be carried forward and set off in accordance with the provisions of sub-sections (1) and (2) ; (b) in so far as such loss relates to long-term capital assets, it shall be reduced by the deductions specified in sub-se .....

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