How to carry forward losses and show it in ITR2

POSTED BY Yogesh K ON June 26, 2013 5:55 pm COMMENTS (2)

For Financial year 2012-13 I had short term loss of 32000 and long term loss of 15000  ( Shares & Mutual funds transactions).  As per my understanding I cannot carry forward Long-term Capital Loss on equity shares, while I can carry forward my Short-term Capital Loss. Please correct me if my understanding is wrong.
I earned interest 16000 from my bank FDs for FY 2012-13 on which I need to pay income tax. I am in 30% income tax slab. I am filling ITR2 and I want to know can I make some combination of my losses & bank interest to reduce my tax liability.

2 replies on this article “How to carry forward losses and show it in ITR2”

  1. Bunker Guide says:
    June 29, 2013 at 12:08 am

    A sample ITR-2 excel spreadsheet detailing how to enter the loss related figures in BFLA and CYLA matrices will be quite helpful for newcomers. Today we have everything in instructions but we do not have sample ITRs that cover some scenarios. Any guidance will be appreciated.

    Reply
  2. Ashal Jauhari says:
    June 28, 2013 at 3:44 am

    Dear Yogesh, STCL can be adjusted only against STCg or LTCG. It can not be adjusted towards any other income head be it salary or Interest.

    Thanks

    Ashal

    Reply

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