Itr 2

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 October 2018 I have a loss of Short term capital gain for FY 2016-17 , loss can be c/f if the return was filed before due date . I am filed the return after due date , sales consideration less Purchase cost and got negative amount .
I don't want to C/F this loss how to file the same in ITR 2 so loss can't c/f , at present ITR utility showing C/f loss .
any one can help me how to file Capital gain schedule under ITR utility .

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 October 2018 Fin.Yr 2016-17 income tax return can't be filed now being barred by time.

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Querist : Anonymous

Querist : Anonymous (Querist)

11 October 2018 I am revised my return due to intimation received by CPC for don't c/f loss , due to belated return .

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Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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02 August 2024 When dealing with a Short-Term Capital Loss (STCL) for the Financial Year (FY) 2016-17 and you do not wish to carry forward the loss due to filing the return after the due date, here’s how you can handle it in your Income Tax Return (ITR) form:

### Steps to Handle Short-Term Capital Loss (STCL) in ITR-2

#### **1. Understanding the Situation:**
- **Belated Return:** Since you filed your return after the due date, you cannot carry forward the STCL. The loss can only be carried forward if the original return was filed before the due date.
- **ITR Utility Showing C/F Loss:** The ITR utility might default to carrying forward the loss, but you need to address it in the return to reflect your intention accurately.

#### **2. Filing in ITR-2:**

- **Download and Open ITR-2:** Ensure you have the latest version of the ITR-2 form from the [Income Tax e-Filing website](https://www.incometax.gov.in/).

- **Filling the Capital Gains Schedule (Schedule CG):**

- **Part A - Short Term Capital Gains:** Enter your STCG and STCL details as follows:

- **Column 3**: Enter the sales consideration of the asset sold.
- **Column 4**: Enter the cost of acquisition of the asset.
- **Column 5**: The resultant gain or loss (in your case, this will be a loss).

- **Schedule CG - Details of Short Term Capital Loss (STCL):**
- **Part A:** Enter the STCL details, including the sales consideration, cost of acquisition, and resultant negative amount.
- **Part B:** You will see a section to enter losses. Ensure that you accurately enter the loss figures, and make it clear that you do not wish to carry forward the loss.

#### **3. Handling the Loss Carry Forward Option:**

- **No Carry Forward:**
- Since you filed the return belatedly and wish not to carry forward the loss, the ITR utility may automatically show the loss as carried forward. To override this:
- **Enter Zero:** In the section where it asks for the carry-forward of the loss, you might be able to enter zero or leave it blank, if permitted.
- **Provide Explanation:** You may need to include a note or clarification within the return or attach a statement explaining that you do not wish to carry forward the loss due to the belated return.

#### **4. Submit Revised Return:**

- **Revised Return:** File the revised return with these adjustments, ensuring all entries are correct.
- **Verification:** Verify the return once submitted and keep a copy of the acknowledgment for your records.

#### **5. Dealing with CPC Intimation:**

- **Respond to CPC Intimation:**
- If you receive an intimation from the CPC (Centralized Processing Centre) regarding the carry-forward of the loss, respond with the appropriate explanation or clarification.
- Attach any additional documentation if required to support your claim.

### **Example of Filling Schedule CG in ITR-2:**

1. **Sales Consideration:** ₹1,00,000
2. **Cost of Acquisition:** ₹1,20,000
3. **Short Term Capital Loss:** ₹20,000

**In Schedule CG:**

- **Column 1:** Enter details of the asset.
- **Column 2:** Enter the sales consideration (₹1,00,000).
- **Column 3:** Enter the cost of acquisition (₹1,20,000).
- **Column 4:** Enter the resultant loss (₹20,000).

**No C/F Option:**

- Ensure that any field related to carry-forward of loss is adjusted to zero or correctly reflected if the utility allows it.

### **Summary:**

1. **Use ITR-2** and fill in Schedule CG with accurate details of your STCL.
2. **Handle carry-forward options** by entering zero or providing a clear explanation.
3. **File a revised return** and respond to any CPC intimation if required.

If the ITR utility does not allow the necessary adjustments or if you encounter difficulties, consider consulting a tax professional to ensure compliance and accuracy.