Section 74 of ITA, 1961 : Section 74: Losses Under The Head Capital Gains
ITA, 1961
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Explanation using Example
Imagine Mr. Sharma sold shares of a company that he had held for 3 years at a loss of INR 100,000 in the financial year 2022-2023. This is considered a long-term capital loss. In the same year, he also sold some other shares that he had held for just 10 months at a profit of INR 50,000, which is a short-term capital gain.
According to Section 74 of the Income-tax Act, 1961, Mr. Sharma can set off his long-te...
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