ITR return for mutual fund losses

#1

Which is the ITR to be filed by salaried people with losses in mutual funds? I am told that the losses can be carried forward for future gains in the next 8 years? I have mostly short term losses and a few long term.

#2

Mutual fund loses can be either STCG or LTCG, so ITR -2 will do of you are a salaried and ITR-3 or ITR-4 if in business.

#3

Thank you very much. I saw ITR 4 and ITR 3 and they were bewildering to say the least. I will check ITR2 and hope it is not difficult even if it is tougher than ITR1

#4

Hello,

In case of trading in Mutual Funds:

  • Income Head: Capital Gains Income
  • ITR Form: ITR-2
  • Loss: Loss under CG can be carried forward for 8 years.
    STCL (Short Term Loss) can be set off against LTCG and STCG both
    LTCL (Long Term Loss) can be set off only against STCG

If you need help with ITR filing and income tax assistance, write to me on sakshi.shah@quicko.com

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