ITR-2 : How to show Carry Forward Loss after partial adjustment

POSTED BY JP ON June 21, 2014 4:04 pm COMMENTS (4)

Hi,

This question is about, how to enter data in ITR-2 related to CFL.

Let me ask the question with an example.

Let us assume:

AY 2012-13 – Short Term Capital Loss of Rs 1,00,000 ==> This is shown as carry forwarded loss for that year

AY 2013-14 – Short Teem Capital Gain of Rs. 50,000 ==> This  GAIN is adjusted with previous year’s LOSS. ==> Means, this year, no LOSS to be carry forward and overall LOSS to be carry forward remains Rs 50,000/- (1,00,000 – 50,000).

Question:

In AY-2014-15 ITR-2, in SCHEDULE CFL, what values to be entered against each year.

If I enter as below….

For AY 2012-13, as carried forwarded LOSS is Rs 1,00,000, this number goes in to Short Term Loss

For AY 2013-14, as there was no LOSS for THAT YEAR, ZERO goes there.

But, this will make the column “Total of earlier year losses” to 1,00,000 (as it is just adding both the year numbers)

My actual question here is, I only have LOSS of Rs 50,000 to be set-off against future gains.

So, do I need to enter only Rs 50,000/- against Short Term loss for AY 2012-13, because of Rs 50,000 is already set-off against AY2013-14 Gains?

But the issue if I do that is, if I enter Rs 50,000 for AY-2012-13 (even though the actual loss is 1,00,000), it won’t match against the ITR of that year, which might create confusion.

So, please let me know, what is the best way to enter this CFL data.

Thanks a lot for reading through the big mail and hope, I am able to explian the question well. If not, please let me know, so that I can provide more details.

Thanks,

JP

4 replies on this article “ITR-2 : How to show Carry Forward Loss after partial adjustment”

  1. MAnish says:

    Did you get answer for this???

  2. JP says:

    FYI
    Interesting…some one posted my question as it is (copy & paste) in caclubindia site 🙂

    1. dp says:

      did you get the answer for this question

    2. dp says:

      As per my knowledge, carried forward loss for the AY#2013-14 is Rs.50000/-. Hence while filing ITR-2 for AY#2014-15, you have to mention in CFL sheet Rs.50000/- loss in AY#2013-14. I will be filing according to this statement for this year. Thanks for reading

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