LTCG not shown in ITR

Save Share

This query is : Resolved

Quick Summary

A taxpayer missed reporting a Long Term Capital Loss (LTCL) of Rs. 250,000 in their AY 2022-23 tax return, despite filing on time. They are now seeking guidance on how to claim this loss in their AY 2023-24 return. The advice given is to manually fill the Current Year Financial Losses (CFL) schedule for the AY 2021-22 losses, and there is no need to amend the AY 2022-23 return.

Suraj

Suraj (Querist)

23 July 2023 Dear Sir/Madam,
My query is as follows:

Mr A filed his return for AY 2021-22 within due date and show Long Term capital loss of Rs. 250,000/- to be carried forward.

He also filed his return for AY 2022-23 within due date, Paid the taxes. However he forgot to show last years LTCLoss of Rs. 250,000/- in losses brought down section.

Now while filing the return for AY 2023-24, he realised his mistake.

I wish to know:
How can he claim this LTCLoss of Rs. 250,0000/- in AY 2023-24?
Can he file updated return for AY 2022-23 and show this loss? and then show this loss in AY 2023-24 return?
Or he can not claim that loss now as it was not shown in earlier return?

Kindly guide.
Regards,
Suraj