Loss from tax-exempt source cant be set off against income from other heads

Jun 17 2014, 11:50 IST
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SummaryCan I set off the loss on sale of units of mutual fund against the profit on sale of shares?

your father, then you will not get the deduction under Section 80DD.However, your father can claim deduction under Section 80U of R50,000 (R1 lakh in case of severe disability) provided it is certified by the medical authority to be a person with disability.

I have not filed income-tax return for assessment years 2010-11 and 2011-12 though I had taxable income in both years because tax was already deducted from my salary and paid to the tax department. There is no refundable amount of TDS. Can I file a belated return now without waiting for any notice from IT department? Is there any penalty?

Sujay Shetty

A belated tax return can be filed within a year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. The time limit for filing a belated return for assessment year 2010-11 and 2011-12 has already lapsed ( it was March 31, 2012, for AY 2010-11 and March 31, 2013, for AY 2011-12). Therefore, you cannot file a belated return. A penalty of R5,000 may be levied by the tax authority for failure to file the return.

* The writer is founder of RSM Astute Consulting Group

* Send your queries at fepersonalfinance@expressindia.com

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