Capital Gain below 1 lakh - disclosure in ITR
This query is : Resolved
13 November 2020
Hello
Our client company has long term capital gain of say Rs 50,000 after grandfathering benefit. LTCG upto 1 lakh is exempt from tax. While filing ITR 6, we found that after filing sheet 112A - Script wise disclosure, Capital gain appears in Gross total income. It appears as capital gain chargeable to tax at special rate in CG sheet as well as Total Income sheet affecting our gross total income. Thereafter, while calculating tax at special rate, ITR mentions it as ZERO.
My question is that LTCG below 1 lakh forms part of Gross total income ? if not, shall we not suppose to disclose capital gain below 1 lakh in CG schedule ? kindly clarify.
Our client company has long term capital gain of say Rs 50,000 after grandfathering benefit. LTCG upto 1 lakh is exempt from tax. While filing ITR 6, we found that after filing sheet 112A - Script wise disclosure, Capital gain appears in Gross total income. It appears as capital gain chargeable to tax at special rate in CG sheet as well as Total Income sheet affecting our gross total income. Thereafter, while calculating tax at special rate, ITR mentions it as ZERO.
My question is that LTCG below 1 lakh forms part of Gross total income ? if not, shall we not suppose to disclose capital gain below 1 lakh in CG schedule ? kindly clarify.
CA R SEETHARAMAN
(Expert)
13 November 2020
LTCG below 1 lakh forms part of Gross total income disclose it in ITR.
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