Capital Loss & Gain Setoff /Carryforward
This query is : Resolved
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 )
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.
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.
13 May 2009
i know all the sections above but i want case law regarding my query.
22 July 2023
"Sorry, I am not a featured member."
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- Regarding TDS Applicability For Director Remuneration
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- FORM 26A APPLICABILITY
- Multiple trade mark
- When TDS on GST applied
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
