Carry forward of losses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 September 2012
we have received compensation in FY 2001-02 and that time we have loss under head long term capital gain of of Rs. 5 lac and now in FY 20011-12 i received enhanced compensation on that property of Rs. 3 lac than can we adjust that loss now from the enhanced compensation
CA. Subhash Dangi
(Expert)
28 September 2012
Capital loss of Rs.5 lakh for the AY 2002-03 (FY 2001-02) can not be set off or adjusted with enhance compensation received in AY 2012-13 (FY 2011-12) as the the maximum period of 8 years is lapsed as on AY 2010-11 under the set off and carry forwards provisions.
Hence can not be adjusted.
Hence can not be adjusted.
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