– Loss from transfer of a long-term capital asset can be set off against gain from transfer of any other long-term capital asset in the same year. But, long-term capital loss cannot be set off against short-term capital gains.
-Loss from transfer of a short-term capital asset can be set off against gain from transfer of any other capital asset in the same year.
-Any unutilised capital loss after absorption in the same year can be further carried forward to next eight years and be utilised under the same conditions as above.
-You should file your I-T return before July 31 to carry forward any losses