Capital gain set-off and ITR2 entries

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  1. boby

    boby New Member

    Appreciate if I can get some help with below questions.

    *) In FY15-16 I have short Capital loss of 2 Lakh from equity over the year, and from previous years I have accumulated loss of ~2 Lakh.
    *) In FY15-16 I have long term capital gain of 20 Lakh (transaction happened in April 2015), I have already deposited 20Lakh in Capital Gain account.

    Q1) Can I carry forward FY15-16 and previous years capital loss instead of adjusting? As I have deposited full 20Lakh in capaital gain account which I will utilize to buy residential property.

    Q2) If I decide to adjust Equity capital loss with Long term Capital gain, would my bank allow me to withdraw excess amount from Capital gain account?

    Q3) Can some one also guide me where to fill Capital gain account deposited amount details? Is it section CG-D1 & CG-B (div) , any other entry Thanks in advance.
  2. ZED

    ZED Well-Known Member

    Nope, not possible.
    Only that loss can be carried forward which can not be adjusted.

    Speaking of adjustment, can you explain in a bit more detail regarding

    Not applicable.

  3. boby

    boby New Member

    Thanks Prateek,

    It looks like capital gain not claimed as deduction under 54F will be available for adjustment first with Current AY year loss and then with previous year losses.

    Long term Capital gain (ITR2 row : CG.B.1.c) : 20 Lakh
    Claimed deduction under 54F (CG.B.1.div) & (CG.D): 17 Lakh
    Remaining LT Capital Gain (CG.B.1.e) : 3Lakh

    I see ITR2 automatically adjust
    1) first with Current AY year loss [ carry forward loss from current year (CFL.xi) shows `0` and
    2) then with previous year losses or CFL.xii shows remaining loos from previous years.
    ZED likes this.
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