STCL OF M/F TO BE DEDUCTED FROM LTCG OF M/F FOR THE F.Y. 2020-21

This query is : Resolved

TARAK KUMAR ROY (Querist)
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05 September 2021 Respected Sir,
Need your kind advise to submit ITR-3 of my client for the F.Y. 2020-21 relevant to the A.Y.2021-22. He has got STCG of Rs. 5382/- and LTCG of Rs. 9322/- (both from equity share), and STCL of Rs. 5223/- and LTCG of Rs.6830/- (both from equity oriented mutual fund). Since head of loss and gain differs, can I deduct STCL amounts of M/F from LTCG amount of M/F? Since I am new for filing return of income, I do not the episode for which excuse me for trouble caused.

Kindly send your valuable reply.

Regards,

TARAK KUMAR ROY
150/1/1, Banerjee Para Road
P.O. Naihati-743165
Dist. 24-Parganas (N)
West Bengal

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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05 September 2021 You need not adjust yourself, the software will take care of it. You just fill the corresponding data in respective column.
As such both the Short term gain and loss data should be clubbed and filled u/s. 111A. Excess will be taxed at 15% tax slab. While both LTCG will be declared u/s. 112A. The gain being less than 1 lakh will not be taxed.

TARAK KUMAR ROY

TARAK KUMAR ROY (Querist)
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07 September 2021 Thank you for your kind reply. As advised - I am clubbing short term capital loss amounts of mutual fund with short term capital gain amounts of equity share. To that effect, CAMS mutual fund statements shows differences of Rs. 6.72 or 13.81, both the case of gain or loss, will I deduct or add the difference amounts with CP and / or SP. Regards, Tarak Kumar Roy

TARAK KUMAR ROY

TARAK KUMAR ROY (Querist)
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07 September 2021 Kindly advise. Since I am a new for filling return of income - these are not known to me for which excuse me for trouble caused. Regards, Tarak Kumar Roy

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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07 September 2021 Firstly, the difference amount will be taken care by utility itself. In column Short term gain u/s. 111A you have to fill total receipt amount from MF and Shares as per statement. Under Cost of acquisition you have to fill total of investment value. The difference of gain amount will be displayed at bottom. You may fill the expenditure incurred, if any. Need not worry for marginal difference in the value.
Similarly fill the schedule 112A for all the equity shares and MF (long term). The net loss/gain will be calculated by utility itself.

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