Venkat Reddy (Service) 01 May 2009
My client had filed FY2006-07 IT returns by July 2007, but noticed later that there was loss in share trading (short term capial gain/loss) of Rs 50000. He filed revised returns of Rs 50,000 loss in Dec 2008.
Does the loss filed in Dec 2008 carried forward to offset the profits in FY2008-09 short term capital gain due to share trading?
A V Vishal (Advocate) 01 May 2009
Dear Venkat Reddy,
Since the original return was filed within the time prescribed under S.139(1) and also, the revised return was filed with 1 year, which is prescribed under s.139(5), your client can claim the amount of Rs.50,000/- as carried foward loss and set off against the current year inome from capital gains
Saurabh Bansal (Tax Consultant) 13 May 2010
I agree with A V Vishal......
Your client can certainly get the loss carried forward and set off with profits of F/Y 08-09
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