Details of Losses to be carried forward to future years

[Mohideen A]

An Individual assessee had long term capital loss for the A.Y 2012-13, 2013-14, 2014-15, 2015-16 & 2016-17. The income tax return was filed within due date and capital loss was carried forward till A.Y 2017-18. While filing ITR for A.Y 2018-19 the carried forward loss was not reported in 'Details of Losses to be carried forward to future years' and the same was not rectified before March 2019.

1) During the current assessment year 19-20, can we claim the carry forward loss (which was not reported in previous year) and set off with capital gain of current year?

2) Is there any alternation solution in case if the above option is not feasible.

Your response is appreciated.

Thanks in advance

AI Summary

Taxpayer Seeks to Claim Unreported Capital Losses from Previous Years Against 2019-20 Gains Under Section 74. An individual taxpayer experienced long-term capital losses from assessment years 2012-13 to 2016-17, which were appropriately carried forward until 2017-18. However, the losses were not reported in the income tax return for 2018-19 and remained unrectified before March 2019. The taxpayer inquires whether these losses can be claimed and set off against capital gains in the 2019-20 assessment year, or if there are alternative solutions. A respondent suggests that it may be possible to carry forward the losses, though other opinions are welcomed.