Our ITR2 RECTIFICATION ORDER U/S 154 has listed our correction amount under the head 'Loss of current year to be carried forward'. Do we get to set off this loss amount in the Gains we make in the following year ie FY 2022-23? Thank you.
Curious (Owner) (95 Points)
11 January 2022Our ITR2 RECTIFICATION ORDER U/S 154 has listed our correction amount under the head 'Loss of current year to be carried forward'. Do we get to set off this loss amount in the Gains we make in the following year ie FY 2022-23? Thank you.
CA Aakarsh Jain
(CA)
(10353 Points)
Replied 11 January 2022
Curious
(Owner)
(95 Points)
Replied 11 January 2022
Thank you for responding Simply put, our question is whether the amount reflected under the head 'Loss of current year to be carried forward' in ITR Intimation for this Financial Year can be set off against Gains in the following Financial Year? Thank you.
Read more at: https://www.caclubindia.com/forum/itr2-rectification-loss-carry-forward-setoff-585488.asp
Read more at: https://www.caclubindia.com/forum/itr2-rectification-loss-carry-forward-setoff-585488.asp
Nidhi
(Chief Accountant)
(3150 Points)
Replied 15 January 2022
Melwyn Dsouza
(2 Points)
Replied 18 January 2022
I have the same query. This can be setoff against which gains? LTCG / STCG?
CA Aakarsh Jain
(CA)
(10353 Points)
Replied 18 January 2022
CA Puja Sharma
(Chartered Accountant)
(4972 Points)
Replied 18 January 2022
Yes, you can set off your loss in the next FY 2021-22. Loss can be either from House Property or Capital Gain.
The loss carried forward to next year can be only set off under the same head.
If you have carried forward Loss from Capital Gain then you can set off the same with the capital gain income of FY 2021-22.
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