Dear Members,
I am an individual taxpayer below 60 years of age and have opted for the new tax regime for AY 2025–26. I am using the official ITR-2 utility to file my return. My income details are as follows:
Interest and Dividend Income: ₹1,50,000
Short-Term Capital Gain (STCG) under Section 111A (realized on or before 22nd July 2024): ₹9,50,000
Short-Term Capital Loss (STCL) on equity shares (incurred on or after 23rd July 2024): ₹7,00,000
STCG taxable at slab rate (non-111A assets): ₹5,00,000
I have the following queries:
Will the ITR-2 utility automatically adjust the STCL of ₹7,00,000 against the STCG of ₹9,50,000 taxed @ 15% (under Section 111A), or will it offset it against the ₹5,00,000 STCG taxed at slab rate?
Is it permissible to not claim the STCL in the current AY and instead carry it forward to future years?
If yes, what is the correct way to report this in the ITR-2 utility to ensure that the return is accepted without error, and the loss is available for carry forward?
Your guidance on the correct reporting procedure and treatment of such losses under the Income Tax Act would be highly appreciated.
CAclubindia
