CAPITAL LOSS SET OFF
This query is : Resolved
25 November 2022
Hi all,
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.
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.
25 November 2022
Need to check your claims of loss. It seems department has not accepted your loss claim in AY 2020-21.
25 November 2022
Respected Sir,
I have verified in ITR-Form of A.Y. 2020-21, Losses have been correctly claimed and also processed by Department.
I have verified in ITR-Form of A.Y. 2020-21, Losses have been correctly claimed and also processed by Department.
25 November 2022
Section 74 OF I T Act:
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..???
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..???
26 November 2022
Respected Sir,
I have attached all the required schedules and supporting calculations in ITR of both the Assessment years.
I am not able to figure out any reason for dis-allowance of set-off.
I have attached all the required schedules and supporting calculations in ITR of both the Assessment years.
I am not able to figure out any reason for dis-allowance of set-off.
27 November 2022
It needs to be checked thoroughly by an expert, so can't tell specific reason for denial.
28 November 2022
Thank you very much for your timely response.
28 November 2022
You are welcome ..
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
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Not able to file ITR
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- FEMA regulation Act. for inward remitance
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
