Loss on sale of property & revised return

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This query is : Resolved

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A taxpayer filed their Income Tax Return (ITR) for FY 2020-21 on time but couldn't initially declare a loss from a property sale due to missing documents. They later filed a revised return in March 2021 to include this transaction and the resulting loss. The query is whether this loss can be carried forward to the ITR for FY 2021-22. The advice given is that the loss can indeed be carried forward because the original return was filed within the due date.

Suraj

Suraj (Querist)
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24 March 2022 Dear Sir / Madam,

My query is related to claiming losses & revised return.

Mr A has filed ITR for FY 2020-21 within due date; however, he was not able to show loss on sale of property as some papers were not readily available. However he then filed the revised return in March 2021 and showed this sale of property transaction and showed the loss.

Can he carry forward this loss in the ITR of FY 2021-22?
Kindly Guide.

Regards,
Suraj