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Capital Loss Carry Forward from Apartment Sale: Can I Use It Under New Tax Regime?

Mihir Tanna |1019 Answers |Ask -Follow

Tax Expert - Answered on Feb 25, 2025

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Asked by Anonymous - Feb 22, 2025Hindi

I have been carrying forward a capital loss from an apartment sale from FY 2019-20. Since then every year I'm using that to adjust against capital gains from Equity Mutual funds. I have been filing tax under the Old regime primarily because I have a home loan also. However, given the lower rates announced in the recent budget, the new regime may be more beneficial to me from FY 2025-26 onwards. If I shift to the new regime can I continue to carry forward the remaining amount of the capital loss and use that to adjust against capital gains from equity mutual funds? If that's not allowed in the new regime, then can I redeem the mutual funds and reinvest again before 31-Mar-25 thereby generating capital gains to the extent of the remaining amount of the carried forward capital loss, so that it would not go unused?

Ans: New tax regime restrict carried forward of losses related to specified deductions only. Accordingly, capital loss can be carried forward to future years.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Hi Sir, My son has total income of rs 329000 (after deductions ) which includes LTCG of rs 232000. He also has carryforward losses of rs110000 from FY21 22. Can he carry forward the capital loss of 110000 to future years without adjusting in FY 23 24 (since he has capital gains of rs 232000)? please clarify the rule regarding the same. Thanks in advance.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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