28 April 2009
Could u please clarify the following situation as per income tax law.
In AY 2007-08 – filed a Salary return without considering capital gain loss . ( this is filed within due dates ) After that again filed Revised return with Considering capital gain loss.
Is there any case law or provision for such loss can carry forward and set off against subsequent year Capital gain ( gain from same head / activity )
28 April 2009
A Loss can be carried forward only if the "Return of Income" has been duly filed with the IT dept. within the due date. A return can be Revised only with respect to the Return submitted already. In the present case as the Original Return is submitted without considering capital Loss, you can neither claim Loss nor can carry forward it.
I am pretty confident but anybody EXPERT there, please support me, if I am right.
CAclubindia
