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?
Menu
Carry Forward of Speculation loss
Replies (5)
Quick Summary
Yes you are able to set off such speculation loss
Set off of losses against brought forward losses !!! There is some slip in query.
No, losses of 2020-21 should be c/f to next assessment years against income from speculation gain not prior to 2020-21
Can you be little bit more clearer as your questions is not understable
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 |
Recent Topics :
- LTCG 112A and business loss
- FAST-DS 2026 applicability: foreign employee share
- NRI Property Sale in India: TDS Rates and Key Comp
- Clarification on September 2026 PF Calculation for
- DRC-03 interest paid under CGST/SGST instead of IG
- GSTR1 amendment Bulk bills
- Capital Gain on Sale of Gold
- GST SALES RETURN MISSING 2025-26 FY
- Enquiry on FAST-DS system generated email
- Capital gain on sale of agriculture land
Related Topics :
CAclubindia
