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Undeclared Net realised Loss

13 December 2022

Hi Forum,

I have had Net realised Loss of 5Lakhs in the financial year 2020 for the bad investement I did in Yes bank. Due to my lack of knowledge I did not declare the loss in that years ITR. Is there anyway I can do something about it now? Can I carry forward the loss by submitting any forms or documents in current year? Please guide.

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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (183241 Points)
Replied 13 December 2022

Whether the loss was due to any transfer of shares?

If yes, then it is not possible to carry forward now.

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Sandeep S (5 Points)
Replied 13 December 2022

I did not transfer it to anybody. I did trade the shares and incurred the loss. I bought and sold yes bank shares multiple times and caused the loss of 5L overall for that year.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (183241 Points)
Replied 13 December 2022

But why you didn't declare it in relevant ITR if you wanted to adjust it with other income?

Alas, now it is not possible, unless any notice from ITD.

Sandeep S (5 Points)
Replied 13 December 2022

Back then I did not know sir that we need to declare losses as well. Having said that, it was my lack of knowledge on tax terms. I was hoping now that I can somehow show my past losses and carry it forward. Thank you for your help.