During FY 2018-19 my long term capital gain was Rs.46800/-(STT paid) which stands exempted under the limit of
Rs.100000/-. Further there is a long term capital loss of Rs.33000/- on sale of STT paid stocks. Can I carry forward the losses? As I understand, the long term capital losses can be carried forward for 8 years. Can I show this loss in next year’s IT returns, if it is not shown in this year’s return(FY 2018-19)?
Please clarify and oblige.
I believe that as per the tax law – if you are not able to set off your entire capital loss in the same year, both Short Term and Long Term loss can be carried forward for 8 Assessment Years immediately following the Assessment Year in which the loss was first computed.
So, you have the provision to set-off the losses in FY 2018-19 ie AY 2019-20 itself.
Do note that Capital loss can be carried forward to the next year only when the loss is property disclosed in the income tax return and ITR is filed before the due date.
In case, you have filed your ITR, you can revise it. Kindly consult a CA in this regard.
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