LTCG on mutual funds

Save Share

This query is : Resolved

Quick Summary

This discussion addresses how to report a non-taxable withdrawal of Rs. 99,000 from an equity-oriented mutual fund on ITR-2, even though it's below the Rs. 1 lakh LTCG exemption limit. It clarifies that while the amount itself might not be taxable, it still needs to be declared in the Capital Gains section. The user, aged 90, is seeking guidance on navigating the complex ITR-2 schedules, particularly section 112A, and how to claim the exemption effectively.

Jagdish chandra kukrety

Jagdish chandra kukrety (Querist)
Follow

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?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

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'

Message likes : 1 times

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
Follow

08 June 2022 Same is to be shown in Capital Gain in ITR-2 even if it is non taxable.

Jagdish chandra kukrety

Jagdish chandra kukrety (Querist)
Follow

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?

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
Follow

08 June 2022 Contact some CA for that

Message likes : 1 times

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
Follow

08 June 2022 As not proper filing may result in unnecessary litigation

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

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.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!