I have a query regarding Carry Forward of Losses and its treatment in the ITR.
I had Short Term Capital Loss of 1.5 lacs in AY 16-17. In AY 17-18, I had a Short Term Capital Gain of 90,000 and this was adjusted with the STCL of 1.5 lacs in AY 16-17. Now I am left with STCL of 60000 which can be adjusted with my STCG in AY 18-19.
In AY 18-19, I have STCG of 20000 which would be adjusted from the STCL of 60000 which was carried forward from AY 17-18.
Now while I am filling the ITR for AY 18-19, in the schedule CFL, how should I enter the details of losses?
Should I mention the loss of 60000 in AY 16-17 column (since the initial loss was in AY 16-17) or will this be mentioned in AY 17-18 (there was no loss in AY 17-18. Only adjustment was made with the loss brought forward from AY 16-17)?
Please help. This is urgent.
CAclubindia
