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CFL Carry Forward Losses

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Padmini

Coder

32 Points Posted on 31 July 2024

Hi Sir,

In the past years except last year fy22-23, I had captial loss in equity. But last year in fy22-23, I had capital gain and therefore the gain was offset against part of the loss. Now for fy23-24, I am able to show only the previous year losses but not the gain that I had offset. How do I show that I have already utilised part of the loss offsetting ?

Without this the carry forward loss in this year return will be wrong.

Replies (5)

Quick Summary

This discussion addresses how to accurately report carried forward capital losses (CFL) when a portion has already been used to offset gains in a previous tax year. The user is struggling to find a way to indicate the utilised loss in the current tax return, as the system only allows editing of previous year losses, not the total brought forward amount. They are considering reducing the reported loss for each previous year to reflect the offset, but are seeking confirmation on the correct procedure.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

121528 Points Posted on 31 July 2024

You can edit the schedule.

Check the Tab at the bottom.

Padmini

Coder

32 Points Posted on 31 July 2024

Hi SIr, under CFL, Edit option is only available for previous year losses row. The last available is for

xiv

2023-24

Total losses to be carried forward is not selectable and hence not editable.

Since CFL doesn't have a row for specifying the loss already offset to the gains in previous years, I have a idea.

While declaring the losses of that -8th, -7th, -6th years, shall I reduced the loss that's already offset and show these year's losses as 0 or lower amount than the total loss of that year.

Say, last year I offset gain of 50K. Now, -8th year's loss I will show as 0 instead of 25K

-7th year loss I will show as 0 instead of 20K -6th year loss I will show as 15K instead of 20K