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Carry Forward of Speculation loss


Vijayan Middey (Service)     27 January 2021

Vijayan Middey
Service 
 3 points

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While filing ITR, I have not filled the losses of the earlier years. However as per Assessment Order of respective years the carry forward losses are depicted as 'Current Year Losses Carried Forward". If I want to set off 2020-21 losses against the losses of 2016-17, whether the same is allowed?

Sourav

Sourav (Student)     27 January 2021

Sourav
Student 
 249 likes  3809 points

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Yes you are able to set off such speculation loss
Kapadia Pravin

Kapadia Pravin   27 January 2021

Kapadia Pravin

 1018 likes  15953 points

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Set off of losses against brought forward losses !!! There is some slip in query.
Sourav

Sourav (Student)     27 January 2021

Sourav
Student 
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No, losses of 2020-21 should be c/f to next assessment years against income from speculation gain not prior to 2020-21
ayusmita

ayusmita (Tax consultant)     27 January 2021

ayusmita
Tax consultant 
 371 likes  5573 points

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Can you be little bit more clearer as your questions is not understable
Vijayan Middey

Vijayan Middey (Service)     28 January 2021

Vijayan Middey
Service 
 3 points

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In the income tax return, one has to enter the earlier years' losses. I have not done so. But my respective assessment order shows the carried forward losses of each year as per details below. My query, is it possible to set off the gains of respective heads, even my latest assessment order shows the amount of Rs, 101760 only. 

   Financial Year 
  16-17 17-18 18-19 19-20 Total 
Short Term Capital Gain     155355 0 155355
Long Term Capital Gain     53825 101760 155585
Speculative Losses  294138 20778 4794 0 319710
Total  294138 20778 213974 101760 630650

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