NIKIT SHETH (Chartered Accountant) (55 Points)
10 December 2010Short Term Capital Loss of Previous year i.e.A.y 2009-10 carried forward to current year. Loss return of last year was filed within due date. return of A.y. 2010-11 is to be filed now i.e. belated. Can capital loss of A.y 2009-10 be set-off against profit of A.y 2010-11? Also can it be further carried forward to next year for set-off????
CA Sahil Singla..
(Service Tax )
(3746 Points)
Replied 10 December 2010
According to provision relating to carry forward of loss..the loss of particular year for wich the return was not filed within due date ,can not be carried forward. But in ur case , the thing is different, u hav not filed return within due date of the year ,whom against these losses r to be set off....so there is no problem with this set off..u can go for it...& the same can be carried forward for 8 years
NARAYAN
(Ca final)
(40 Points)
Replied 17 December 2010
Hi,
Filing of Return within due date in order to carry forward the loss applies only to current year loss and not for previous year loss.Previous year loss can be set off against the current year income ie Capital gains even though the current year return is filed belatedly.
Regards
Narayan
CAclubindia
