Carrying forward of long term capital loss on sale of STT paid indian stocks

- Stocks sold after 31.01.2018 will attract the provisions of grandfathering clause. If all the above stocks are sold after 31.01.2018 then the long term capital gain upto Rs.1,00,000 is exempt and no loss will be carried forward.

Hi,

If you are not able to set off your entire capital loss in the same year, both Short Term and Long Term loss can be carried forward for 8 Assessment Years immediately following the Assessment Year in which the loss was first computed.

Short Term Capital Losses are allowed to be set off against both Long Term Gains and Short Term Gains.

Hi,

If you notice any error in your tax return after filing it, you better file a revised return.

Income tax laws allow the taxpayers an opportunity to correct the error or omission in their returns by submitting a revised tax return under Section 139(5). 

Hello Sir,

You cannot carry the loss directly. You have to carry it from year to year until it's used up.

The "record of the carryover amount" is your tax return for each year. .

You should file revised return for FY 2018-19.

Yes, long-term/short-term losses can be carried forward up to 8 years from the financial year in which the loss has been incurred. Loss-term capital losses can be adjusted only against the long-term capital gains but the short-term capital losses can be adjusted against both the short-term as well long-term capital gains.

For carrying forward this loss to next assessment years, an assessee must file the income tax returns on the due date.

Hi

It is advisable to revise the return and declare sale transaction.

Yes,STCG can be carried forward for 8 years and adjusted from STCG and LTCG  both.

Hope it helps

You can revise the return and still claim the long term capital loss.

With regard to short term capital loss you can claim it and use for next 8 years.

If you need any assistance feel free to contact me.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

You should file revise return for FY 2018-19, showing such Long term Capital Loss which will be adjusted first against the Long Term cap gain and then the remaining balance if any will be carried forward.

Yes STCG can also be carried forward for 8 years.

Please rate this answer 5 star, if you find this information helpful.

Hello,

you can't declare this long term capital loss next year directly. You need to revise your return.

The long term capital loss will be fully adjusted against the long term capital gain and no carry forward would be available.

I hope this answer satisfies your requirement.

Regards,

CA Hunny Badlani

Yes, short term capital loss on the sale of Indian securities can be carried forward and adjusted against short term/long term capital gains during the ensuing 8 years.