How to book loss
This query is : Resolved
29 July 2015
I had purchased stocks of Malvika Steels and Optel Telecom when the two offers hit the market. Unfortunately they have gone down the drain and I lost the money.
Is there any possibility that I can book these losses into my income now even if i ignore indexation?
Look forward to your valuable advice!
Regards
Akhilesh
Is there any possibility that I can book these losses into my income now even if i ignore indexation?
Look forward to your valuable advice!
Regards
Akhilesh
PRATIK AGRAWAL
(Expert)
05 August 2015
Hi Akhilesh,
Firstly sorry to hear about the loss :(.
I am assuming you have already realized the loss and you held it for more than 12 Months (as you have mentioned about Indexation)
You can take a set off of this loss only against your other Long-term Income from the current year and no other Income, provided you file the tax return on or before the due dates mentioned in Section 139(1). Also you can carry forward the loss for the next 8 years if you do not have sufficient LTCG in the current year to set off the same.
Hope if resolves your query.
Firstly sorry to hear about the loss :(.
I am assuming you have already realized the loss and you held it for more than 12 Months (as you have mentioned about Indexation)
You can take a set off of this loss only against your other Long-term Income from the current year and no other Income, provided you file the tax return on or before the due dates mentioned in Section 139(1). Also you can carry forward the loss for the next 8 years if you do not have sufficient LTCG in the current year to set off the same.
Hope if resolves your query.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- MSME disclosure and disallowance
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Taxation of crypto futures in India Fy 2026- 2027
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
