Hi everone,
Assesse has business income/Salary income of Rs. 45L and he has a loss of 8L from trading of shares(non speculative)...can the assesse able to claim the loss if he filed the return on or before 30th November.? As due date is extended from July 31st
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Set off of loss during extended due date
Replies (2)
Quick Summary
the net result of the computation under the head “Capital gains” is a loss, the whole of the loss shall be carried forward to the following assessment year as follows—
Long-term capital loss can be set off only against long-term capital gains.
Short-term capital loss can be set off against short-term or long-term capital gains.
Such loss can be carried forward for 8 (eight) assessment years immediately succeeding the assessment year in which the loss was first computed.
Such loss cannot be carried forward unless return is filed within the time limit of section 139(1)
Assesese able to carried forward such loss if he fill he return before the due date.
Long-term capital loss can be set off only against long-term capital gains.
Short-term capital loss can be set off against short-term or long-term capital gains.
Such loss can be carried forward for 8 (eight) assessment years immediately succeeding the assessment year in which the loss was first computed.
Such loss cannot be carried forward unless return is filed within the time limit of section 139(1)
Assesese able to carried forward such loss if he fill he return before the due date.
Yes you need to file the ITR on or before the due date as prescribed under section 139(1).
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