Provided that where the compensation in respect of transfer of the original asset by way of compulsory acquisition under any law is received before the 1st day of April, 1991, the aforesaid period or periods, if expired, shall extend up to the 31st day of December, 1991, Capital gain in exceptional cases We have already discussed the general rules of computing taxable capital gains in the preceding paragraphs. There are, however, certain situations requiring special treatment. Law dealing ith such situations is given below. s29 1. Transfer of shares or debentures of an Indian company by non residents. 2. Transfer of capital assets by a partner to a firm or by a member to association of persons 3. Compulsory acquisition of assets under any law. 4. Transfer of depreciable assets. 5. Slump dute. Losses under the head capital gain Where the assessee has suffered loss on transfer of certain capital asset and earned profit on transfer of other assets, he is entitled to set off such losses against such gains. Any loss remaining unadjusted under the head capital gain however, cannot be set off against income under the other heads, eg, salaries, house property, business or profession and other sources. But it shall be carried forward for set off against capital gains in the subsequent assessment years. However, no loss shall be carried forward for more than eight assessment years from the year for which the loss was computed. ILLUSTRATION Mr. Divesh had purchased a golden ring as on 17/8/2017 for 20,000. On 1/05/2018, he has sewn a diamond on it costing 25,000. On 1/08/2018, he sold such ring for 80,000 and incurred brokerage for arranging customer 5,000. Compute capital gain