Equity ltcg data in itr4 form
This query is : Resolved
kalyanaraman
(Querist)
26 July 2012
Question: Where do I enter the LTCG data (in the ITR-4 form and CG-OS Tab), arising out of sales of shares in the stock market paying STT?
Background: I have incurred an LTCG in selling of some shares (in the market, paying STT etc.,). From the IT rules, I understand that LTCG arising out of STT- incurred transactions attracts 0% tax. But when I fill the LTCG data in the CG-OS tab in the ITR4 form, the system automatically calculates tax either at 10% or 20% (assuming the LTCG to be non-equity transaction). A Note at the bottom says "enter equity LTCG in the exempt category EI Tab", but if I do that, then set-off with previous year's LTCL does not happen.
So where do I enter this LTCG which, while included in the Income, does not attract any tax (0% tax) ?
Appreciate, as always, the help and guidance provided by you all.
Regards
Kalyanaraman
Background: I have incurred an LTCG in selling of some shares (in the market, paying STT etc.,). From the IT rules, I understand that LTCG arising out of STT- incurred transactions attracts 0% tax. But when I fill the LTCG data in the CG-OS tab in the ITR4 form, the system automatically calculates tax either at 10% or 20% (assuming the LTCG to be non-equity transaction). A Note at the bottom says "enter equity LTCG in the exempt category EI Tab", but if I do that, then set-off with previous year's LTCL does not happen.
So where do I enter this LTCG which, while included in the Income, does not attract any tax (0% tax) ?
Appreciate, as always, the help and guidance provided by you all.
Regards
Kalyanaraman
Naresh Kansala
(Expert)
27 July 2012
Kalyanaraman put this LTCG in EI tab... As per IT provisions u we can't set off LTCG or LTCL of securities if stt paid from other LTCG or LTCL...
Amol S Joglekar
(Expert)
27 July 2012
show it in EI sheet (Exempt income)
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