Gaurav (-) 21 July 2013
I am a salaried employee and do have some short term capital losses from commodity trading for FY12-13 as per my knowledge these losses wont lead to any tax rebate for AY13-14 and can only be set against gains from commodity trading in next 2-3 years.
My question is do I have to declare the losses in AY13-14 and fill ITR-2 or Can I do that in next year when I have some gains (hopefully).
Correct me if I am wrong in any of the above said tax rules.
Thanks in advance
R RAJAGOPALAN (ADVOCATE) 21 July 2013
1. Do I have to declare the losses in AY13-14 and fill ITR-2?
Reply: Yes.
2. Can I do that in next year when I have some gains?
It is not enough. You have to claim the capital loss carried forward from the AY 2013-14, for which the loss has to be validly disclosed in the return for the AY 2013-14.
CA Ayush Agrawal (Chartered Accountant) 22 July 2013
It will amount to eb as speculative business loss and same can be adjusted gaianst speculative loss only in next years for further four years.
Ajay Arora (Asst Manager) 26 July 2013
Please confirm where we are able to show the losses from Commodity trading in the ITR 2 . Thanks in advance.
R RAJAGOPALAN (ADVOCATE) 26 July 2013
Your Query: Are we able to show the losses from Commodity trading in the ITR 2 ?
Reply: Yes, you should claim/disclose the loss in your ITR for the Assessment Year 2013-14.
Ajay Arora (Asst Manager) 26 July 2013
Dear Sir,
In which coloumn of the ITR 2 we should mentioned the same.
Thanks
Gaurav (-) 29 July 2013
Ajay that need to be mentioned in "CFL" - Carry Forward losses.
Please have a look at CFL sheet in ITR-2 you will get that its very simple.
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