I had loss in options trading 3 years back. Is there a way to harvest those losses? My CA told me that harvesting can be done only for previous year. is it true?
I submitted my Tax returns for the year 2020-21 but did not include the loss from F&O. I am wondering of I can refile / modify /update (not sure of the terminology) my 2020-21 IT returns to include the f&O loss so that I can claim tax harvesting in future.
No, you can only modify the ITR in the same calendar year
Hi @vikhroli,
If you have reported those losses in the relevant year, they’d be carried forward and could be used in the current FY to adjust the profits. However, if they were not reported, you’ll not be able to utilise those.