Carry forward of capital gains loss

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This query is : Resolved

CA Srujann kumar Reddy (Querist)

17 May 2018 Hi,

we have received a notice from Income tax department, that we have filed the return beyond due date and hence loss under Capital gains cannot be carried forward.

Now we agree for the same, and in the notice it has been asked to upload the revised return and however while uploading the revised return the ITR has no option for disallowing the loss, while we are entering the capital gains schedule it is automatically accepting the loss and the same is getting carried forward to CFL table and now in revised return we are unable to remove the loss

Please let us know how to disallow the carry forward of loss, and my key doubt is even though i agree the disallowance and file revised return with carry forward of losses will there be any implications?

please provide your response sir's

Thanks
CA K SRUJAN KUMAR REDDY

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

17 May 2018 There is no tax implication of it as the losses are not allowed so far.
It can further be argued that the department's utility is/ (was) defective which is/(was) automatically c/fding the losses.
What we can do- Not to b/fd the losses for setting off in the succesive AYs.

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