India - Income Tax Act 2010 - Saarc

1.375 CH. VI - AGGREGATION OF INCOME AND SET OFF OF LOSS S. 74on a speculation business to the extent to which the business consists of thepurchase and sale of such shares.]60[Carry forward and set off of losses by specified business.73A. (1) Any loss, computed in respect of any specified business referred to insection 35AD shall not be set off except against profits and gains, if any, ofany other specified business.(2) Where for any assessment year any loss computed in respect of the specifiedbusiness referred to in sub-section (1) has not been wholly set off under subsection(1), so much of the loss as is not so set off or the whole loss where theassessee has no income from any other specified business, shall, subject to theother provisions of this Chapter, be carried forward to the following assessmentyear, and—(i) it shall be set off against the profits and gains, if any, of any specifiedbusiness carried on by him assessable for that assessment year; and(ii) if the loss cannot be wholly so set off, the amount of loss not so set offshall be carried forward to the following assessment year and so on.]61[Losses under the head “Capital gains”.74.62[(1) Where in respect of any assessment year, the net result of the computationunder the head “Capital gains” is a loss to the assessee, the whole lossshall, subject to the other provisions of this Chapter, be carried forward to thefollowing assessment year, and—(a) in so far as such loss relates to a short-term capital asset, it shall be setoff against income, if any, under the head “Capital gains” assessablefor 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 setoff against income, if any, under the head “Capital gains” assessablefor that assessment year in respect of any other capital asset not beinga short-term capital asset;(c) if the loss cannot be wholly so set off, the amount of loss not so setoff shall be carried forward to the following assessment year and soon.]60. Inserted by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2010.61. Substituted by the Finance Act, 1987, w.e.f. 1-4-1988. Earlier, section 74 was substitutedby the Finance (No. 2) Act, 1962, w.e.f. 1-4-1962 and amended by the Finance (No. 2) Act,1967, w.e.f. 1-4-1968 and the Finance Act, 1986, w.e.f. 1-4-1987.62. 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 thehead “Capital gains” is a loss to the assessee, the whole loss shall, subject to the otherprovisions of this Chapter, be carried forward to the following assessment year, and—(a) it shall be set off against income, if any, under the head “Capital gains” assessablefor that assessment year ; and(b) if the loss cannot be wholly so set off, the amount of loss not so set off shall be carriedforward to the following assessment year, and so on.’