Hello,
Dear professionals
I'm here with query regarding set-off and carry forward of losses
A.Y 2020-21 Long term Capital loss 1,20,000 and Short term Capital loss of Rs. 65000/- so Return filed during that A.Y with in due date so it can be carryforward to succeeding 8 A.Y's. and
During A.Y 2021-22 i have Long term Capital Gain u/s 112A Rs.25000, i am eligible for the Rs.1,00,000/- under section 112A and Short term Capital Gain of Rs.55000/- and other income is 3,00,000/- so my Total income is Below 5,00,000/-, so my tax liability is4,000/- this assessment year and i am eligible for the Rebate U/s87A 12,500/- no need to pay any tax amount
but if i am entering brought forward of losses of A.Y 2020-21 it's sett offing automatically with that current A.Y Gains so if i didn't entered the brought forward details in current A.Y tax return and can i eligible to claim to brought forward losses during A.Y 2022-23 because such losses can be carry forward to next 8 A.Y's right.
kindly spare your valuable time for my query and give me some clarification regarding this.
if you any notification or circular about this kindly share me
Thanking you
regards
Ajay guptha
CAclubindia
