set off and carry frwd of long term cap. gain loss

This query is : Open

Abhishek pareek (Querist)
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07 December 2009 income under long term capital-gain is a loss :rs.50000.
income under other heads excluding capital gain is rs.250000.
return is filed on 31.12.2009 for a.y. 2009-10. can we set-off or carry forward the loss under cap. gain if return is filed after due date.N what if the net result of our income from other sources is loss of rs.250000 instead of profit, I.E. net computation is showing loss.
show result in case of male below 60 yrs. n please reply fast, i'm in trouble.

CA Balram Sharma

CA Balram Sharma (Expert)
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10 December 2009 Hi friend,

if the return is file after due date than accouding to section 80 read with section 139,

you cann't carry forward loss in the next year,

how ever is restriction is on carry forward,

if there is any LTCG in the same A.Y. then this restriction is not applicable in setoff of lossess, in the same year return,

Abhishek pareek

Abhishek pareek (Querist)
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11 December 2009 thanks friend.
but still i'm not sure abt. the return of loss filed after due date.

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