A person has the following income during April 2011 to March 2012:
1) Income from Salary
2) Income from Other Sources
3) Long Term Capital Loss from sale of equity shares and units of equity mutual fund schemes
According to the instructions given for using "SAHAJ" form, a person cannot use this form if he has "income under the head "Capital Gains" which are not exempt from tax, e.g. short term capital gains or long term capital gains from sale of house, plot, etc.".
If a person has very small long term capital loss, which he does not wish to carry forward, can he ignore the loss and use "SAHAJ" form for filing his Income Tax Return for AY 2012-2013? Kindly advise.
CAclubindia
