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Carry Forward of Speculation loss

Vijayan Middey (Service) (4 Points)

27 January 2021

While filing ITR, I have not filled the losses of the earlier years. However as per Assessment Order of respective years the carry forward losses are depicted as 'Current Year Losses Carried Forward". If I want to set off 2020-21 losses against the losses of 2016-17, whether the same is allowed?

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5 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 27 January 2021

Yes you are able to set off such speculation loss

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Kapadia Pravin (17259 Points)
Replied 27 January 2021

Set off of losses against brought forward losses !!! There is some slip in query.

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 27 January 2021

No, losses of 2020-21 should be c/f to next assessment years against income from speculation gain not prior to 2020-21

ayusmita (Tax consultant) (5885 Points)
Replied 27 January 2021

Can you be little bit more clearer as your questions is not understable

Vijayan Middey (Service) (4 Points)
Replied 28 January 2021

In the income tax return, one has to enter the earlier years' losses. I have not done so. But my respective assessment order shows the carried forward losses of each year as per details below. My query, is it possible to set off the gains of respective heads, even my latest assessment order shows the amount of Rs, 101760 only.

	Financial Year
	16-17	17-18	18-19	19-20	Total
Short Term Capital Gain			155355	0	155355
Long Term Capital Gain			53825	101760	155585
Speculative Losses	294138	20778	4794	0	319710
Total	294138	20778	213974	101760	630650