A user incurred a Net Realised Loss of £5 Lakhs in FY2020 due to trading Yes Bank shares but failed to declare it on their Income Tax Return (ITR) due to a lack of tax knowledge. They are now seeking advice on whether it's possible to declare this past loss and carry it forward to offset future income. The consensus is that it's generally not possible to declare past losses retrospectively unless the tax department has issued a notice.
I did not transfer it to anybody. I did trade the shares and incurred the loss. I bought and sold yes bank shares multiple times and caused the loss of 5L overall for that year.
Back then I did not know sir that we need to declare losses as well. Having said that, it was my lack of knowledge on tax terms. I was hoping now that I can somehow show my past losses and carry it forward. Thank you for your help.