My client is not allowed to claim set-off, in A.Y. 2021-22, of capital losses(u/s 111A & 112A) incurred in A.Y. 2020-21. ITR of both the Assessment Years are filed on or before due date u/s 139(1). No reason for denial of set-off is available. Rectification request u/s 154 for mistake apparent from record in the intimation received u/s 143(1) has not worked out.
Kindly share your experience with the same matter.
Loss under the head "Capital Gains" can be carried forward and set off as follows:
Loss from short term capital asset can be set-off both against Long Term Capital Gain and Short-Term Capital Gain; Loss from long term capital asset can be set off only against income from long term capital asset. & Loss under the head 'Capital Gains' can be carried forward for 8 years.
Whether you had claimed loss in ITR of AY 2021-22, by filing all the schedules like bough forward losses, & finally adjusting the same under Schedule CG etc..???