Long-term capital losses can be set off against capital gains arising from depreciable assets.
Long-term capital losses can be set off against capital gains arising from depreciable assets. Issue Whether the deeming fiction under section 50, which treats gains from depreciable assets as short-term capital gains, converts the underlying long-term asset into a short-term asset, thereby barring the set-off of current year and brought forward long-term capital losses under… Read More »