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Confused about Carrying Forward Losses in the New Tax Regime: Can I Do It?

T S Khurana |427 Answers |Ask -Follow

Tax Expert - Answered on Aug 04, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Question by Nirmalya on Jul 23, 2024Hindi

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[TAX] I have salary income along with capital gains and speculative income. My question is, if I choose new regime, can I carry forward losses like business loss, capital gain loss to next year like we do in old regime?

Ans: In general, you can carry forward losses. However, to be more specific, you need to mention proper head of income under which losses are there (Business losses, Losses from house property, Losses from Stock market etc.).
Thanks.

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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Asked by Anonymous - Jul 24, 2024Hindi

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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.

Ans: Yes, you can carry forward Capital Loss & adjust the same in the coming years. I can't quote you specific rule, but you can carry forward the Capital Loss to next years.
Most welcome for any further clarification. Thanks.

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Sir, My son has following income, Net salary 87845 as per form 16, FD +Dividends - 54576, LTCG 237494, deductions 51080 so total income of 329005. He has carried forward capital loss of 110000. Is it possible to set off capital loss of 110000 in future years instead of fy 23 24 as he is already below taxable limit? please help. Thanks in advance

Ans: Yes. The assessee may carry forward LTCG loss to be set off in future years.
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Asked by Anonymous - Feb 22, 2025Hindi

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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.

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Can you give me the information that , which type of engineering is best to choose for future demands . As all are taking the computer science AiMl , stream for the better future , is that really most demanding ? If not so , which branch is better to choose.

Ans: Short-Term (2025-2035): CSE, AI/ML, Data Science, Cybersecurity are great choices.
Long-Term (2035-2050): ECE (VLSI, chip design), Electrical (EV, renewable energy), and Mechanical (robotics) will be more stable than AI-based jobs.

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Sir, My son is not interested in computer related jobs. However, he has deep interest in physics. Based on his choice, he likes two engineering branches (from good/reputed institute (like VIT/Thapar Institute) - Either Mechanical engineering or Electronics and communication engineering. So, please suggest regarding the following queries. (1) From package/salary point of view, which one would be better - Mechanical engineering or Electronics and communication engineering (Considering, having job in core sector)? (2) From profession growth point of view, which one would be better - Mechanical engineering or Electronics and communication engineering (Considering, having job in core sector)? Please suggest from short and long term perspective.

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If he wants a high-paying career in India (private sector) → ECE is better (VLSI, semiconductor, telecom are booming).

If he wants international opportunities (Germany, US, Japan) → Mechanical is good for automotive/aerospace, but ECE is better for semiconductors.

If he is interested in future technology (Quantum, AI hardware, 6G, IoT, Chip Design) → ECE has a clear edge.

If he enjoys hands-on work (machinery, engines, aerodynamics) → Mechanical suits him better.

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Sir, I have scored 97.01 percentile in JEE mains 2025 session-1 I belong to ST category and my domicile state is rajasthan what are the chances of getting top 5 NIT's CSE branch

Ans: Given your estimated ST category rank of approximately 1,400, securing a CSE seat in these top NITs may be challenging.
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Question by Sundram - Mar 25, 2025Hindi

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Sir I got 97.88 percentile in JEE MAINS 2025 .I am OBC NCL candidate with home state u p. Can I get CS in top NIT or IIIT. Or should I take electrical in top NIT or IIIT. Can you suggest me something best about it.

Ans: Congratulations on achieving a 97.88 percentile in JEE Main 2025! Securing a seat in CSE at top NITs such as NIT Trichy, NIT Warangal, or NIT Surathkal is highly competitive, and typically requires a higher percentile than 97.88. However, you may have a chance at obtaining a CSE seat in some of the newer or less competitive NITs and IIITs. For instance, IIIT Lucknow and IIIT Kota have had closing ranks around your range in previous years.
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After my mother's death, my father (54 years old) is involved in extra marital affair with an unmarried neighbour girl (25). Nobody knows about their affair except our family. Me (23) & my sister (21) tried our best to make my father understand that this is not the right time to do all these things, but he is not listening to us & not ready to understand. It seems useless for him to have affair with her because there is no future of this relationship. Age gap is also huge. Her parents also don't know about it. Neither we can tell about it to them, because they will target our family & ruin our life. They can also file police complain against our whole family if they gets to know about it. I am sure they will also deny this relationship. Took our relatives help too, but it didn't work. Don't know what to do. Can you please help ??

Ans: Hello mam..This could be a part of mid life crisis and he could feel this extra marital affair to be coping mechanism after trauma, your mother's death. Your father should definitely think about his children and their future. Are you and your sister working or studying? I would like to know a little further about your present status so that i can suggest you something better.
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my wife do not allow me to tuch since 6 months,i tried every thing ,please help me..

Ans: Hello sir. Plz have some patience. I understand that this is an important aspect of relationship but not the only aspect. It could be a reaction to some trauma also. Take some private time and sit with your wife. And politely try to figure out the problem. Take her some time. Have some patience. Let her be comfortable with you again. Everything will come to normal. Take care!
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WHAT WILL BE THE BEST DISCIPLINE/BRANCH TO STUDY AFTER 3 YEARS IN ENGG. CONSIDERING THE IMPACT OF AI . MACHINE LEARNING,ROBOTICS,DATA SCIENCE ETC ?.

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Dear Sir, My son right now will appear for 10th Board next year (in Year 26) is very much keen for Computer Science, as he coding is his passion. But Since we are seeing rapid changes in computer world, from AI to Chatgpt and every other day some new inventions. By the time he will complete his Graduation with CS from even reputed institute many of the things will be out dated. Also I am still not sure, weather he will be able to get good job for long term basis as I believe, Computer field is changing very rapidly as it is difficult for any other to keep on updating with a changing phase, So I need your view/advices on my thought Please.

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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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