Can I set-off losses if ITR was filed after the due date?

Income Tax Income from Capital Gains
1

Hi All,

In Finacial Year 2021-22 having following capital losses (STCG - 100000 and LTCG - 50000) filed before 31st July 2022.

In Next Financial Year 2022-2023 having following capital losses (STCG -100000 LTCG-0) filed after 31st July 2023.

In Current Financial Year 2023-2024 having capital gain of (STCG-200000).

Query - Since last year I filed after due date of ITR, I believe I can not set off against current year capital gain but in Financial 2021-22 capital losses can I set off against of current financial year capital gain?

Can someone help me with this query?

2

Hey @kawalkarhemant,

Yes, as the ITR was not filed before the due date you will not be able to offset those losses. However, for FY 21-22, where the losses were reported within the due date, you will be off-set those with the gains of FY 23-24.

1 Like
3

Thank you Surbhi for clarification.