Short term loss b/f set off issue in itr2

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vijay

B.Com

24 Points Posted on 14 January 2013

Hi,

I am having short term capital loss of Rs. 477,898 carry forward from year 2011. In the year 2012, I had further short term loss of Rs. 57,515 and long term gain of Rs. 6,00,000. I have filled these details in the ITR-2 to be used for 2012-13 year. The template automatically adjusts all the short term losses (477,898 + 57,515) against the long term gain (6,00,000) and shows the loss to be carry forward as NIL.

In reality, the total short term loss of Rs. 535,413 (477,898+57,515) should get carry forward for year 2013 as I do not have short term gain? Please help and clarify.

Regards,

Vijay

Replies (5)

Sumit Grover

Chartered Accountant

3652 Points Posted on 14 January 2013

In case of capital gains/loss, the Short term capital loss(current or brought forward) can be adjusted aginst short-term as well as long term capital gains, hence in your case, entire amount of loss has been adjusted against long term capital gains, resulting into NIL amount of loss to be carried forward.

kavitha

studying final

830 Points Posted on 14 January 2013

Originally posted by : Sumit Grover
	In case of capital gains/loss, the Short term capital loss(current or brought forward) can be adjusted aginst short-term as well as long term capital gains, hence in your case, entire amount of loss has been adjusted against long term capital gains, resulting into NIL amount of loss to be carried forward.

CA Vasiullah (Vasi)

Audit Executive

1823 Points Posted on 14 January 2013

Agree with sumit grover....

CS,CA F,Numrologi TusharSampat

CS CA F Numerologist Astrologer Graph

85935 Points Posted on 14 January 2013

Originally posted by : Sumit Grover
	In case of capital gains/loss, the Short term capital loss(current or brought forward) can be adjusted aginst short-term as well as long term capital gains, hence in your case, entire amount of loss has been adjusted against long term capital gains, resulting into NIL amount of loss to be carried forward.