capital gains

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aziz (Querist)
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21 February 2008 an assessee has a long term capital gains on ornaments..he has short term loss on shares for the same assessment year...can it be set off even if the return is file after due date......

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
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21 February 2008 IF ASSESSEE FAILS TO FILE THE RETURN WITHIN THE TIME PRESCRIBED U/S 139(1) THAN LOSS WHICH COMPUTED FOR THE PREVIOUS YEAR IN RESPECT OF INCOME SHALL NOT BER ALLOWED TO CARRIED FORWARD.BUT IF RETURN IS FILED AFTER DUE DATE THE ASSESSEE CAN SET OFF THE LONG TERM CAPITAL GAIN ON ORNAMENTS WITH SHORT TERM CAPITAL LOSS FOR THE SAME ASSESSMENT YEAR BUT ANY LOSS LEFT OVER SHALL NOT BE ALLOWED TO BE CARRIED FORWARD TO NEXT YEAR.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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21 February 2008 Short term capital loss can be set off against gains from long term capital assets, in the same assessment year. Section 70(2)

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