Ostroff, Fair and Company
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Capital gains/losses?


Can the capital loss-due to sale of units of UTI and TISCO shares during A.Y.2001-02 and 2002-03, be set off against long term capital gains arising out of sales of residential house property this year-under the head of capital gains/losses?
Losses have been notified in related I.T. returns and the subsequent years.

under section 74 of income tax act 1961 short term and Long term capital loss can be set-off with long term capital gain. but Long term capital loss can't be set-off with short term capital gain.
Yes. Any type of capital loss can be adjusted against long term capital gains.
Yes Capital losess can be set off against any capital asset only but yet the condition is that both the assets should either be long or short term
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