Setoff and carryforward of losses utilisation

AJAY GUPTHA (article assistant) (44 Points)

20 August 2021

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.