Rohan engaged in multifarious activities reports the following: (i) loss from business ₹ 80,000; (ii) loss from house property ₹ 1,20,000; (iii) long term capital loss ₹ 70,000; He filed his return beyond the 'due date'
CS Executive · Tax Laws and Practice · PYQS · December 2017
Rohan engaged in multifarious activities reports the following: (i) loss from business ₹ 80,000; (ii) loss from house property ₹ 1,20,000; (iii) long term capital loss ₹ 70,000; He filed his return beyond the 'due date' specified in section 139(1). Which of the above loss(es) cannot be carried forward to subsequent assessment year ?
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A), (C). Official source note: As per section 80, return of loss is required for business as well as the capital gains head. Hence, business as well as capital losses cannot be carried forward. House property loss can be carried forward. Hence, candidates marking option A and C are valid.
Topics: Income Tax
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