LTCG on mutual funds
This query is : Resolved
07 June 2022
I had invested Rs.500000/- in ICICI Prudential Equity & Debt Fund- Regular on 19/12/2017 on which I get monthly dividend. I withdrew Rs.99000/- from the above Fund on 27/10/2021, which being less than Rs.100000/- is not taxable. Please advise me whether this amount has to be shown in the return(ITR-2) & where. How will I claim exemption from LTCG tax on it?
07 June 2022
under schedule .. "From sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A" .... along with schedule 'Capital Gains'
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08 June 2022
Same is to be shown in Capital Gain in ITR-2 even if it is non taxable.
08 June 2022
I am 90 years old & these are too much for me. When I clicked the "from sale....section 112A" it promptly showed a LTCG of 53000/-. Then how can I claim rebate on it? As it is, the schedule of 112A is so cumbersome with ISIN etc. Can it be claimed u/s 54F?
08 June 2022
Contact some CA for that
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08 June 2022
As not proper filing may result in unnecessary litigation
09 June 2022
For your information LTCG from the equity oriented funds is exempt upto 1 lakh aggregate, u/s. 112A of IT act. So, if it is your only gain in the year, next tax liability over the gain would be nil. Check the tax liability.
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