ITR 1 ot 2

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This discussion clarifies a common issue when filing ITR 2 regarding Long Term Capital Gains (LTCG) from equity-oriented mutual funds. While profits up to £1 lakh are exempt under Section 112A, the ITR 2 form might initially show them as taxable. The advice given is that the tax liability calculation should correctly account for this exemption, even if it appears in the taxable amount initially. It's recommended to double-check the final tax liability calculation.

murali k

murali k (Querist)
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26 July 2023 when i filling form ITR2 - to include the LTCG of mutual funds (equity oriented) profits less than 1 lakh

it is calculating under taxable amount but actually upto 1 lakh is exemption under section 112A. is there any option to fill exemption in this form?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 July 2023 Yes, it is modification in calculation of total income.
But while calculating the tax liability it is not considered, if it is less than 1 lakh.
So, check your tax liability.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 September 2024 Good luck.

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