When you file your returns, it is essential to declare your capital gains and losses clearly. Please note that if you don’t disclose your capital gains / loss during a particular year, then you cannot claim credit for that loss in future. Also ensure that all your premiums are paid by cheque or net banking as cash payments are not eligible for tax exemptions. In fact, if your returns are filed late then you lose the benefit of carrying that year’s losses forward or even the set off in losses is not permitted. Whether small or big, capital gains made on the sale of any asset has to be necessarily disclosed.