Filing LTC Gains and loss in ITR1 FY2024-25

The 112A section  deals with the taxation of long-term capital gains.This section provides for a tax exempto of Rs.1 lakh on long term capital gains.As per your income mentioned is exempted. 

Use form ITR 2 to be used.

Its not so difficult 

Does the pre-fill data from the income tax portal have all details of capital gains filled in it or should we enter each entry manually, for those before and after 31st January 2018.

• Switch Form: Use ITR-2 (as ITR-1 does not support capital losses or multi-segment adjustments).

• Reconcile AIS/TIS: Wait for the Annual Information Statement (AIS) to fully update, matching your broker's capital gains statements line-by-line.

• Fill Schedule CG & 112A: Enter each scriptt/mutual fund redemption transaction individually with correct dates (noting the Jan 31, 2018 grandfathering rule where applicable).

• Fix TDS Mismatches: Manually scrub the pre-filled utility to ensure FD interest and dividend TDS entries sit cleanly under Income from Other Sources rather than misclassified capital columns.

ITR-2 is required; ITR-1 cannot report capital gains. The transactions cannot simply be netted to ₹43,637 and reported as one ITR-1 amount. For FY 2024–25, the listed transactions include both gains and losses from transfers of shares/units, so report them in Schedule CG of ITR-2. Eligible short-term capital losses may be set off against long-term capital gains, but the ₹63 loss on a 2020 holding may be short-term, depending on the security and holding period; verify each transaction’s classification before calculating the taxable net gain.

• Use Schedule 112A for qualifying long-term gains on listed equity shares or equity-oriented fund units where STT conditions are met. The acquisition-date and transfer-date categories matter because the tax treatment changed from 23 July 2024. The equity mutual fund bought in 2011 and sold in April 2024 would generally fall in the pre-23 July category, if the required conditions are met.
• Report each transaction separately where the utility requires it; otherwise, transactions may be consolidated only within the same applicable category and with consistent tax treatment. Do not combine transactions across the 23 July 2024 cut-off or across different asset/tax categories. Check contract notes, broker capital-gains statement and fund statements against AIS.
• TDS entries in prefill are not, by themselves, proof of capital gains. Match each entry to Form 26AS/AIS and the relevant TDS certificate: mutual-fund dividend and FD-interest TDS should be claimed in the TDS schedule, while the income itself belongs under the relevant dividend or interest head. Correct the income schedules manually if the Excel utility has mapped an entry incorrectly; do not treat TDS as capital-gains income. AIS may help reconcile information, but filing need not be based solely on waiting for AIS to update.
• Confirm the equity-fund classification, STT eligibility, exact purchase/sale dates and the ₹63 loss’s holding period before finalising. These details determine the schedules and whether the loss can be set off or carried forward.

Reconciling broker and fund statements with AIS, Form 26AS and the ITR schedules is central to accurate capital-gains reporting. Manual reconciliation and transaction-by-transaction classification can be time-consuming; automation reduces repetitive work while professional judgment remains in control. At Jir AI, our 2,000+ AI agents and 650+ integrations streamline GST, ITR, TDS, TCS and other compliance workflows, helping reduce manual workload by up to 70%. For a smoother compliance workflow, connect with us on WhatsApp: https://wa.me/message/3HVOZ7HIY4ESC1