Mistake in calculation of ltcg

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Jignesh Desai (Querist)
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26 July 2013 My client made mistake in Calculation of Long Term Capital Gain on Mutual Fund while filing his Income Tax Return for A.Y. 2011-12 . He had a Long Term Capital Gain of Rs. 17,158 on Debt-Oriented Mutual Fund (M.I.P.) which he showed as LTCG on Equity-Oriented Mutual Fund . The amount of Rs. 17,158 was taken as Exempt Income in his Return. However , actually LTCG on Debt-Oriented M.F. is taxable @ 10% without Indexation & 20% with Indexation . After applying Cost-Inflation Index Formula , the Profit of 17,158 actually becomes Loss of Rs. 3,57,842 .Two Years have past since he filed that Return .
My Question is that is there any way ,now, by which he can be able to carry forward that Loss of Rs. 3,57,842 (For e.g. , by filing a Revised Return for AY 11-12 now)?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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13 August 2013 Revised return could have been filed till 31-3-2013.

Since the time period has expired revised return CANNOT be filed now.

You can try making an application u/s 154. However, chances are it may be rejected.

There is no other alternative.

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