Dear Sirs,
In AY 2015-16 ST Capital loss was Rs.50000/-.
In AY 2016-17 ST Capital profit of Rs.30000/- set off and balance loss of Rs.20000/- carried forward.
Now, in AY 2017-18 profit of Rs.15000/- to be set off. Kindly guide me how to fill the above data in Schedule CFL of ITR 2 .
Thanks
D Mahadevan
Guptaji thank you very much.Kindly clarify me under AY 2015-16 I can show Rs.20000 as capital loss.In that line date of filing the return is also to be filled. The date is 12/07/2015.But as on that date the capital loss was Rs.50000.So if I show 20000 now will the system (computer) accept it. Please tell me.
Yes the system should accept it. That is how I have been doing it for myself. The reason is: you are not telling how much loss you reported on that filing date, but you are telling how much of the loss reported on that date is available for setoff.
At the end pls ensure that your final CFL after setoff for current year should be Rs 5000. Just to ensure that the fields have been filled properly. This works because I have been setting-off/adding losses for past multiple years for myself.
Thank you very much Guptaji.I will do the same as you said.
Guptaji suppose the following are the data. AY2013-14 Loss 10000
AY2014-15 Loss 20000
AY2015-16 Loss 30000
AY2016-17 Gain 15000 Then for AY2017-18 the CFL will be AY2014-15 Loss 5000
AY2015-16 Loss30000
AY2017-18 Loss10000 Then balance carried over to future years is 25000 under 2015-16 only. Is it ok. Kindly confirm.
Dear Mahadevan Sir, is this a new data or is this related to data mentioned above?
It is new data. It is an example only please.
Guptaji kindly confirm whether the entries made by me are in order.
Dear Mahadevan Sir, your entry for AY2014-15 Loss 5000 seems to be wrong it should have been AY2014-15 Loss 15000. I reached the following calculation. Please confirm if i have interpreted your data correctly:
The result would be
AY2013-14 : NII. (complete loss of 10000 set-off from gain of 15000, 5000 gain remains)
AY2014-15 Loss 15000 (from 20000 loss, 5000 set-off, no gain remains)
AY2015-16 Loss 30000
AY2017-18. Loss. (whatever amount)
Hallo Guptaji, I am very sorry. I have slightly confused you. Now, I have understood from your latest reply.
Now, the position is if for AY 2017-18 Loss is 10000,then balance to be carried over is 55000.
If it is gain of Rs.10000, then AY 2017-18 CFL entries will be
Guptaji, I think now, it is ok .Please confirm.
Dear Mahadevan Sir, that is correct.
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