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Is it mandatory to set off losses?
I have Short term capital loss and long term capital gain, i do not want to set off my loss right now because my total income is less than 2.5 lacs /5 lacs. Setting off the loss today makes no sense due to the fact i do not have any tax liability anyway, so is it possible for me to show income separately, loss separately without offsetting, and carry forward the losses for future benefit?
Replies (3)
If the losses could not be set off under the same head or under different heads in the same assessment year, such losses are allowed to be carried forward to be claimed as set off from the income of the subsequent assessment years.
So if you not set off then you are not allowed to carry them forward
So if you not set off then you are not allowed to carry them forward
Better you should set off
You have to setoff losses, if you not do so, dept will do it in 143(1)
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