Carry forward Capital Losses against gains if gains are less than 1 lakh
This query is : Resolved
25 July 2024
Hi
I would like to understand if a tax payer can opt to not setoff long term capital losses against long term capital gains, if the long term capital gains total to less than Rs 1 lakh. In this case can the tax payer carry forward these capital losses to future years.
Thank you so much for your response in advance.
I would like to understand if a tax payer can opt to not setoff long term capital losses against long term capital gains, if the long term capital gains total to less than Rs 1 lakh. In this case can the tax payer carry forward these capital losses to future years.
Thank you so much for your response in advance.
25 July 2024
No. There is no choice left to assessee in utility.
26 July 2024
Thank you for your response. It is highly appreciated. Is there any other recourse available to the assessee (Eg: Filing returns through a different method) to carry forward these losses as I believe that in the Income tax act, there is no mention of this situation at all and it seems to be a grey area. Alternatively, is there any intimation or documentation which clarifies this situation in which the Assessee has capital gains totaling to less than Rs 1 lakh and also has capital losses and would like to carry the losses forward?
26 July 2024
No. Not aware of any such alternate methods..
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