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Carry forward losses in itr 2 - how to adjust gain.

C H Mehta (Professor) (25 Points)

08 June 2016

CFL section of ITR 2 does not permit one to enter a negative number in any cell. So, my question is: If there is actually a gain in a particular year in the past, how do you handle it? Leaving it blank would be obviously a wrong thing to do as it would inflate the total carry forward losses compared to the actual total carry forward loss that would be computed if gains in any year were allowed to be adjusted against losses in previous years. Can you please advise? Regards, C H Mehta

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3 Replies

CA VIRAL SANGHVI (Finance head) (681 Points)
Replied 09 June 2016

Dear Mr.Mehta,

You can show the c/f capital gain in AY 2012-13 directly for Rs.94596.

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subhash kumar jha (PROFESSION) (445 Points)
Replied 09 June 2016

The sheet u have attached ...only positive value can be entered.

C H Mehta (Professor) (25 Points)
Replied 09 June 2016

Yes, that is precisely my problem. The software does not allow you to enter a negative number. So, how do you adjust gain in a year against losses in previous years. And if you simply leave the cell blank, you are inflating your CFL. I don't know if I have been able to explain my problem. However, Mr. Sanghvi has suggested something like this: I set off the current gain against the loss in the first entry ( offline) and enter the adjusted value of loss in the first entry. . Then, I should leave the cell for current year blank.