The Assessee has loss under the head Long Term Capital Gain.The loss is because of movable property.The Assesse does not want to carry forward the loss nor does he want to set it off in the current year.Whether is it necessary to show the loss and its calculation in the Return Of Income? The Assessee's income exceeds maximum amount not chargeable to tax.
4 Replies
Sujay C Deshpande
(article)
(80 Points)
Replied 22 December 2008
loss under the head capital gains can be carried forward to maximum of 4 years , law does not mandate to set off the same in very first year , but such loss has to be utilised within 4 years to avail the tax benefit
Ameet
(L)
(1678 Points)
Replied 27 December 2008
to claim loss necessary to file the return. it doesn't mandate to claim loss.
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 27 December 2008
Dear Darsh*t
May I know reason "why the asessee does not want ot disclose this loss in ROI?"
Regards
Recent Topics
- Financing for Properties and Businesses
- TAX DEMAND STILL SHOWING ON INCOME TAX PORTAL, EVE
- FORM 10 IEA IN Revised return
- ITC Eligibility on GTA
- Top Highest Tax-Paying Celebrities: FY 2023-24
- Misplace society Bye law
- Submit ommited invoice of previous year
- Need your valueble insight
- GSTR-9 Invoices
- Agricultural Business Loss
Related Threads
CAclubindia
