Bank account validation failed

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A user's bank account validation failed due to an incorrect PAN/IFSC linkage, raising concerns about their tax return and the eligibility of carried-forward short-term capital losses. The advice given is that the return will still be processed, and issues typically only arise if a refund is due. The discussion also touches on the tax treatment of UTI ULIP redemptions, clarifying it's taxed as a non-equity fund with a 20% long-term capital gains tax with indexation, and mentions the ₹1 lakh deduction available for long-term capital gains on shares.

PRIYA

PRIYA (Querist)
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20 July 2022 I have brought forward short term capital losses. On checking the bank account details in income tax login one out of my three accounts shows validation failed due to account pan IFSC linkage. If I file my return with the validation failed account will my return be considered defective and will my losses be eligible to be carried forward?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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20 July 2022 Your return will be processed and intimation will be sent.
It's a problem only in case of refund.

PRIYA

PRIYA (Querist)
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20 July 2022 I have redeemed units of uti ulip. What will be the tax treatment? Is it exempt?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 July 2022 UTI ULIP is taxed like any other non-equity fund. Your maturity amount will not be taxed as per you slab rate. You will have to pay long term capital gains tax of 20% with indexation, since your holding period is greater than 3 years. You have to mention the maturity in schedule CG (part B, Point 7) of ITR-2 .

PRIYA

PRIYA (Querist)
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26 July 2022 Is there any deduction under which I can reduce tax on short term and long term capital gain on shares ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 July 2022 No deduction in respect of short term capital gains.
1 lac deduction available for long term capital gains on shares.

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