LT Capital Loss not shown in previous ITR

Save Share

This query is : Resolved

Quick Summary

A taxpayer incurred a significant long-term capital loss in AY 2022-23 and correctly reported it. However, they failed to carry forward this loss to AY 2023-24. Now, in AY 2024-25, they have a long-term capital gain and wish to set off the previously un-carried-forward loss. The advice given is that this is possible, provided the original ITR for AY 2022-23 was filed by the due date.

Suraj

Suraj (Querist)
Follow

02 July 2024 Dear Sir,
My query is as follows:
Mr A incurred Long Term capital loss of Rs. 520000/- in AY 2022-23. He disclosed all details in the ITR and filed it. However, during AY 2023-24 there was no capital gain or loss and he somehow forgot to show LTCLoss brought forward in the ITR of AY 2023-24.

In AY 2024-25, he has a long-term capital gain of Rs. 125000/-. Can he still show LTCLoss of Rs. 520000/- in ITR of AY 2024-25, which he forgot to show in the previous year ITR? and claim set off against LTCGain of Rs. 125000/-?

Kindly guide.
Regards,
Suraj