The Assessee has loss under the head Long Term Capital Gain.The loss is because of movable property.The Assesse does not want to carry forward the loss nor does he want to set it off in the current year.Whether is it necessary to show the loss and its calculation in the Return Of Income? The Assessee's income exceeds maximum amount not chargeable to tax.
loss under the head capital gains can be carried forward to maximum of 4 years , law does not mandate to set off the same in very first year , but such loss has to be utilised within 4 years to avail the tax benefit
to claim loss necessary to file the return. it doesn't mandate to claim loss.
Dear Darsh*t
May I know reason "why the asessee does not want ot disclose this loss in ROI?"
Regards
SMJ global advisors pvt ltd
New Delhi
B.Com
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