Capital loss in mutual funds and equity

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STUDENT
147 Points Joined July 2012
I have short term and long term capital loss in current fy. Can I carry forward it. please explain to how many years I can carry forward it. can both long and short term loss both can be carry forward??
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On 03 January 2021 at 15:03 Report
Replies (15)
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Chartered Accountant
24588 Points Joined November 2019
Any short term or long term loss can be carry forward for 8 assessment years and you can set off such loss against other heads of income
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On 03 January 2021 at 15:08
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STUDENT
147 Points Joined July 2012
Can I deduct those losses from salary to reduce taxable income???
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On 03 January 2021 at 15:10
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Chartered Accountant
24588 Points Joined November 2019
No you cannot set off against salary income
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On 03 January 2021 at 15:11
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STUDENT
147 Points Joined July 2012
So please which heads of income?? also can I set off amount in parts in different years or have to set off iñ one go??
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On 03 January 2021 at 15:12
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378 Points Joined September 2017
STCL can be set off against STCG & LTCG
where as LTCL can be sett off against LTCG only.
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On 03 January 2021 at 15:15
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Chartered Accountant
24588 Points Joined November 2019
No, no there was a mistake,
you can set off any capital loss against only such income from capital gain and you can set off from other assessment years also
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On 03 January 2021 at 15:15
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STUDENT
147 Points Joined July 2012
Does I need to mention losses in current itr even if I want to set off them in later years
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On 03 January 2021 at 15:20
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378 Points Joined September 2017
Yes required it will be carry forward to next Assessment years
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On 03 January 2021 at 15:22
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Chartered Accountant
24588 Points Joined November 2019
Yes you have to mention
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On 03 January 2021 at 15:22
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524 Points Joined June 2020
Losses under other head with some exceptions can be set off against STCG or LTCG but STCL can be against STCG and LTCG and LTCL can be adjusted against only LTCG.
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On 03 January 2021 at 15:46
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Accountant
4531 Points Joined February 2017
CF allowed for 8 rs
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On 03 January 2021 at 18:38
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STUDENT
147 Points Joined July 2012
I did not mentioned previous capital loss in ay2020-21 itr. Can I mention that capital loss in ay 2021-22 itr to carry forward???
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On 03 January 2021 at 18:43
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524 Points Joined June 2020
Then revise it
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On 03 January 2021 at 18:46
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Accountant
4531 Points Joined February 2017
No can't, loss of current year can be cf in current yr IRT
1 Reply
On 03 January 2021 at 19:16


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