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TypeBare Act JurisdictionCentral Government

Finance Act, 2002 Section 29

AMENDMENT OF SECTION 74 -In Section 74 of the Income Tax Act-, with effect from the 1st day of April, 2003,

~1 min read
https://sooperkanoon.com/act/250227

Bare act section · Research

About this section

Finance Act, 2002 Section 29 is part of Finance Act, 2002 - AMENDMENT OF SECTION 74 -In Section 74 of the Income Tax Act-, with effect from the 1st day of April, 2003,. Read the section text below and explore Indian court judgments that cite it.

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Section Text

a) for sub-section (1), the following sub-section shall be substituted, namely:- '(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 provisions of this Chapter, be carried forward to the following assessment year, and-

(a) insofar 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) insofar as such loss relates to a long-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 not being a short - term capital asset;

(c) if the loss cannot be wholly so set off, the amount of loss not so set off shall be carried forward to the following assessment year and so on.';

(b) sub-section (3) shall be omitted.

Frequently asked questions

What does Finance Act, 2002 Section 29 provide?

Section Section 29 of the Finance Act, 2002 (AMENDMENT OF SECTION 74 -In Section 74 of the Income Tax Act-, with effect from the 1st day of April, 2003,) is reproduced on this page as part of the Finance Act, 2002. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act, 2002 Section 29?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 2002 Section 29. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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