Revised return

Yes. You can file the revised return to claim the loss if the original return is filed befoe the due date.

There is no problem in claimin the loss in revised return. It is allowed as per IT Act.

Suri.

Yup., you this is possible as well as tenable..

For further reference and support, you can refer

Ramesh R Shah vs. ACIT – ITAT Mumbai case law, which was similar to yours.

Revised return filed in agreement with stipulations provided in IT act has the same effect as if filed with in due date prescribed under section 139(1),so can carry forward ur loss on sale of ur capital assets

As per section 139(5), the revised return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier.  Thus return of A.Y 2012-13 can be revised till 31st March 2014 or before the completion of the assessment whichever is earlier.

Remember:

1- Revise tax returns within one year from the end of the assessment year or before the assessment. For the financial year 2011-12 one can filed the revised return up to march 2014.

2-You can’t refile your return if income tax department already did the assessment of your return.

3-If you missed any deduction or income in the return you can refile it.

4-If some information come to your knowledge after filing the return you can refile it.

5-The receipt no. & the acknowledgement no. is must for the refiling of the return.

6-No need to pay interest u/s 234A if any tax due, but you have to pay 234B, 234C interest if due.

hi dear 

fully satisfied with mr.  Aryan Singhania (Pallav) full explained ..

thanks 

Yes Dear u Can file Revise Return Of your client. With in One year from end of assessment Year.

yes, you can file revise return safely