I SUFFERED LOSS ON STOCK TRADING FOR THE YEAR 2007-08. I AM SUBMITTING MY RETURN ON 20/02/2009. CAN I SET OFF LOSS IN SUBSEQUENT YEAR
I SUFFERED LOSS ON STOCK TRADING FOR THE YEAR 2007-08. I AM SUBMITTING MY RETURN ON 20/02/2009. CAN I SET OFF LOSS IN SUBSEQUENT YEAR
No, You Have to file your return within due date to carry forward loss.
As per provisions of Sec. 80, the loss can not be carried forward unless it is determined in pursuance of a return filed by the assessee u/s.139 (3). Hence, if ROI is not filed on or before due date of filing return, loss will not be allowed to be carried forward.
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