Explain the provisions contained under the Income Tax Act, 1961 relating to set-off and carry forward of: (ii) Short-term Capital Losses.

Short-term Capital Losses: Short term Capital loss can be set-off against any other short term capital gains or long terms capital gains only. However, where, for any assessment year, any loss computed in respect of a short-term capital loss has not been wholly set-off against the short term / long term capital gains, it can be carried forward and can be set off against capital gains if any during the next eight consecutive assessment years.