capital loss setoff

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I have e filed my return for the AY 2014-15 after due date with long capital loss.can i set off this capital loss for the AY 2018-19

Please note that the return is filed after the due date
Replies (3)
Losses for capital gains, covered under sec. 74, can be carried forward only if return is filed within 139(1) due dates, which in the current case is not so. Hence, carry forward itself was not allowed, therefore set off of loss in 18-19 can't be done.

As per Section 139(3) of the Income Tax Act 1961, Loss arising under the head “Capital Gains” can be carried forward only if the Return for the year is filed on or before the due date prescribed under section 139(1).  Such loss can be carried forward for eight years immediately succeeding the year in which the loss is incurred.  However, if the return is filed after the due date, one shall be ineligible to take benefit of setting off the loss mentioned in it in the future years.

However CBDT’s circular 9/2015 [F.NO.312/22/2015-OT], DATED 9-6-2015, provides a relief from this issue to the taxpayers who were unable to furnish the return due to certain unavoidable circumstances. If you have a genuine reason for which either return was filed after the last date of filing return or no return was filed, and you missed the claim of carry forward of loss, you can file an application in this regard to the jurisdictional chief commissioner or commissioner of Income Tax for condoning the delay in filing the return and to allow carry forward of the incurred losses


In the query, you have mentioned that the return for AY 2014-15 in which you had incurred capital loss was filed after the due date. Also you haven't got the delay condoned with a reasonable time. So it seems highly unlikely that you would be able to take its benefit in the Current A/Y.

thank you for your rpl


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