Doubt about Refound of It
Jonnalagadda Manohar (CA) (58 Points)
20 October 2010Jonnalagadda Manohar (CA) (58 Points)
20 October 2010
Roshan Thomas
(C.E.O )
(356 Points)
Replied 20 October 2010
Im am going to assume that your friend's IT assessment relevant to AY 2007-08 is not over ..
The best way is to file the belated return of income showing capital loss of Rs 20,000/- (this cannot be carried forward since the return was not filed within due dat)
The belated return should be that of A Y 2007-08 and not 2010-11. Since the amount was received from the government in 2007 the taxability of capital gain/loss arises in the year of receipt of compensation.