19 July 2008
if income tax return is not filed on time , whether short term capital loss can be claimed and carried forward or not ? please explain with reason and sections.
19 July 2008
Carry forward and Set off of Capital Loss:
Long Term capital loss carried forward to future years can be set off only against Long term capital gains, while Short term capital loss can be set off both against Short term as well as Long term capital gains.
Such loss can be carried forward up to EIGHT assessment years.
Return of Loss should be submitted on/ before the Due date otherwise the loss will not be allowed to be carried forward to future years.
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