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Itr for capital loss

pooja (student cpt) (93 Points)

22 September 2012

i want to know is it compulsory to show capital loss in the return of income ????.... the due date of return has already passed, so there is no question of cf of loss........ pls tell me will it still be compulsory to show cap loss in return...

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3 Replies

MD (AAA) (117 Points)
Replied 22 September 2012

Every income tax return filing form requires an assessee to verify and declare that the information given in the return are in accordance with the provisions of the Income tax Act, 1961 (‘Act’). Any assessee making a false statement in any verification shall be punishable as per the provisions of section 277 of the Act. Further, if the Assessing Officer in the course of any proceedings under the Act is satisfied that the assessee has concealed the particulars of his income my direct such assessee to pay penalty as per the provisions of section 271(1)(c) of the Act. In view of the above to avoid any proceedings it is prudent to declare the facts.

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pooja (student cpt) (93 Points)
Replied 23 September 2012

ya u r rite but wat i m saying is that assessee has faced capital loss here..... he is not concealing any income..... so i think it should be upto assessee whether he wants to show this loss in return or not..... and ofcourse he cannot cf such a loss which he doesnt show in treturn....... am i not rite ?

MD (AAA) (117 Points)
Replied 24 September 2012

Further, to the reply posted, if during the course of any proceedings under the Act if the AO is not satisfied with the following: 1 Full value of consideration 2 Cost / Indexed cost of acquisition and the resultant determination is capital gain, provisions of 271(1) are fairly attracted. Presently the capital loss derived is based on self assessment and not as per the satisfaction of AO.