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How to book loss

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This query is : Resolved

A KUMAR (Querist)

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

PRATIK AGRAWAL

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.

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