ITR2 schedule CYLA
This query is : Resolved
06 August 2024
I am trying to ON LINE fill ITR 2 under old regime
Income details as under
Salary. 11,00,000
Other income. 56000
Income from HP
A. Rent received 120000
B. maintenance 30%. = 40000
C. Interest on home loan. 358000
Net income from HP A-B-C= 278000
Capital gain 120000
B/F. Loss from HP 88000
In schedule CFL after computing set off is says total loss from HP as 278000+ 88000= 366000
However in schedule CYLA it shows loss from HP as 278000 of which 200000 is set off against income and 78000 is carried forward.
I feel CYLA should show losses as 366000 of which 200000 is set off against income and 166000 should get carried forwad.
Could you please confirm why previous years losses on HP are not getting added where as as per act it can get carried forward till 8 years
Income details as under
Salary. 11,00,000
Other income. 56000
Income from HP
A. Rent received 120000
B. maintenance 30%. = 40000
C. Interest on home loan. 358000
Net income from HP A-B-C= 278000
Capital gain 120000
B/F. Loss from HP 88000
In schedule CFL after computing set off is says total loss from HP as 278000+ 88000= 366000
However in schedule CYLA it shows loss from HP as 278000 of which 200000 is set off against income and 78000 is carried forward.
I feel CYLA should show losses as 366000 of which 200000 is set off against income and 166000 should get carried forwad.
Could you please confirm why previous years losses on HP are not getting added where as as per act it can get carried forward till 8 years
06 August 2024
The reason is you cannot file belated return under old regime. The calculations are as per NEW regime, which is default regime.
26 August 2024
Hope the query is resolved.
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