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Forgot to declare loss in last 2 years back ITR

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a k

18 Points Posted on 11 December 2021

Hello Experts,

I forgot to declare Long term capital gain loss of 2018-19 because I was not properly aware that loss can be carry forwarded but can I declare now in this year and set off that loss ?

also Last year capital gain short term loss I set off last year and can I declare this year again and set off ? How to verify if loss already set off last year and mistakenly used setoff twice?

Replies (2)

Quick Summary

If you forgot to declare a long-term capital gains loss in your Income Tax Return (ITR) for 2018-19, you generally cannot declare it now to carry it forward. Losses must be declared and claimed in the original, timely filed return to be eligible for carry-forward. Similarly, a short-term capital loss already set off in a previous year cannot be declared again. To check if a loss was already set off, review Schedule CFL and BFL in your downloaded ITR forms.

CA Raj Doshi

Practising CA

8954 Points Posted on 12 December 2021

You cannot declare 2018-19 loss in this current year as for a loss to be carried forward, return should be filed within time and loss to be carried forward should have been claimed.

Download Detailed ITR Form and check Schedule CFL AND BFL