ITR2 query - setoff losses
This query is : Resolved
08 December 2021
I have long term capital gains in equity for FY 20-21 of Rs 3 lakh.
I have brought forward equity long term losses from previous year of Rs 5 lakhs.
Question- For filing returns of FY 20-21, do I have to first setoff capital losses against capital gains? Or can I first take LTCG exemption of Rs 1 lakh and then setoff remaining 2 lakhs gains against prev year losses?
If I first setoff losses against gains, then I am not able to take advantage of LTCG exemption of Rs 1 lakh.
Please guide.
I have brought forward equity long term losses from previous year of Rs 5 lakhs.
Question- For filing returns of FY 20-21, do I have to first setoff capital losses against capital gains? Or can I first take LTCG exemption of Rs 1 lakh and then setoff remaining 2 lakhs gains against prev year losses?
If I first setoff losses against gains, then I am not able to take advantage of LTCG exemption of Rs 1 lakh.
Please guide.
08 December 2021
Fill ITR it will provide 1 lac exemption automatically.
Then you set off brought forward loss.
Then you set off brought forward loss.
09 December 2021
Sir,
ITR2 utility automatically sets off losses first and then provides exemption only if any gains are left after setting off..
How should I handle this?
ITR2 utility automatically sets off losses first and then provides exemption only if any gains are left after setting off..
How should I handle this?
09 December 2021
It's software program you can't handle it.
Accept the adjustment.
Accept the adjustment.
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