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Exempted incoem ( e i ) schedule

ITR 255 views 2 replies

How to report the grand fathered income on the sale of long term equity  shares ,,  which is exempt from Tax in ITR  schedule ? 

Replies (2)
Now LTCG is exempt upto 1 lakh only. Capital on sale you have to under CG schedule.

My  query is that  when every type of income is to be reported in ITR whether it is taxable or exempt from tax..

Earlier we are reporting CG income from long term equity shares in Exempt income,

Even now  the long term income accrued till 301-01-2018 is exempt as it now called as grand fathered  and  the balance income is now only taxed . . I For example I earned  actual income of  Rs 23,,800 (  sale value - actual purchase ) 

 After calculating the taxable gain as per the new formula ,the taxable gain is Rs 12,500 ,

The remaining income of Rs 11,300 is exempt  and did not suffer any tax  and where to show this  in ITR. 

Hope I explained and I do not know whether there is any flaw in my observation.

 

 

 

 

 

 

 

 

 

 

 

 


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