Hello to our Tax Gurus.
I have a situation where an Assessee has carried forward capital losses from sale of Gold ETFs from FY 2016-17. In FY 2019-20 there is a capital gain from the sale of Equity shares. However the capital gain in FY 2019-20 is lower than the lowest tax slab for the Assessee and hence there is no tax applicable or payable. Hence setting off of the capital loss from FY 2016-17 against the capital gain of FY 2019-20 will not have any benefit to the Assessee. In this case, is it possible to not apply the set off for FY 2019-20 and carry forward the capital loss to future years, so that the Assessee can utiliise the carried forward losses to effectively set off capital gains in future years, when payable tax can be minimised? If yes, how can this be achieved in AY 2020-21 ITR2?
CAclubindia
