Malhar Deshpande (211 Points)
13 April 2019How can I show LTCG from sell of listed shares in ITR 1 for AY (19-20) The amount of gain is below one lac. Hence it is non taxable.So it should come under exempt income section. But there is no option for this in new itr form. If I choose "Any Other" option from drop down menu, what should I write in descripttion column. Please guide me on this
Thank you
Malhar Deshpande
Sarath Chandra
(CA Final Student)
(566 Points)
Replied 13 April 2019
You can show LTCG in ITR-2 as Capital Gain schedule is available in that form. Earlier LTCG on sale of listed equity shares is exempt u/s 10(38). Now, it has been dispensed with. You will have to wait until ITR-2 utility is available in the ITR website. You will find a suitable field to show the exempt income in ITR-2.
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