Can I skip filling Schedule for Carry Forward Losses this year and fill it next year
This query is : Resolved
Gaurav Gupta
(Querist)
08 September 2021
In FY20, had Short term Capital LOSS of 120000. Filed return on time and showing 120k as capital loss.
In FY21, had Short term Capital GAIN of 2000 and Long term Capital GAIN of 97000.
I want to simply pay 15% on STCG of 2000 and the LTCG upto 100k is already exempt.
My Question is: Is it mandatory to disclose 120k loss in FY20 in CFL schedule for Assessment year 21-22 while filing FY21 returns. I will be losing the tax benefit of Carry forward losses to the extent of 97k+2k=99k, which I could better use next year.
In other words, can I simply skip filling CFL schedule in this year's return and use these losses in next years returns? Can I choose the year in which to claim Carry Forward Losses as they are allowed to be carry forwarded for next 8 years?
In FY21, had Short term Capital GAIN of 2000 and Long term Capital GAIN of 97000.
I want to simply pay 15% on STCG of 2000 and the LTCG upto 100k is already exempt.
My Question is: Is it mandatory to disclose 120k loss in FY20 in CFL schedule for Assessment year 21-22 while filing FY21 returns. I will be losing the tax benefit of Carry forward losses to the extent of 97k+2k=99k, which I could better use next year.
In other words, can I simply skip filling CFL schedule in this year's return and use these losses in next years returns? Can I choose the year in which to claim Carry Forward Losses as they are allowed to be carry forwarded for next 8 years?
09 September 2021
No. It is not possible that way. You are required to adjust the bought forward losses in succeeding 8 years, without any skipping.
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