Capital loss ITR

20 August 2023

Good Morning!
Just for a advise/ suggestion.

One has missed to claim capital loss (sale of share) ITR 2, can he claim in his revise return, please suggest.

Good morning! I'd be happy to provide some guidance on this matter.

If someone has missed claiming a capital loss from the sale of shares in their original Income Tax Return (ITR), they can usually rectify this situation by filing a revised return. In India, the Income Tax Act allows taxpayers to revise their ITR within a certain timeframe to correct any errors or omissions in the original return.

Here's what you can do:

File a Revised Return: If you've realized that you missed claiming a capital loss from the sale of shares in your original ITR, you should file a revised return. You can do this by submitting a revised Form ITR-2 within the specified time limit.
Time Limit: As of my last update in September 2021, the Income Tax Act allows taxpayers to file a revised return within a certain period

For further more detailed information on this topic visit: GST Implications on Insurance Claims Received on Loss of Stock or Capital Assets

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