ITR-2 -CG

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ASSISTANT GENERAL MANAGER
21 Points Posted on 21 July 2021

FROM THE TAX COMPILATION SHEET, I OBSERVE THAT THE EFFECT OF REBATE OF RS 1 LAC ON CAPITAL GAINS IS NOT ACCOUNTED FOR WHILE COMPUTING TAX. TAX IS CALCULATED ON THE ENTIRE AMOUNT OF CAPITAL GAINS. 

HOW CAN THIS BE RECTIFIED? AM I MISSING OUT ON FILLING ANY CHART?

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On 21 July 2021 at 14:59 Report
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Quick Summary
This discussion addresses an issue where the Rs 1 lakh rebate on capital gains is not being accounted for in the ITR-2 tax computation. The user is seeking to rectify this, as tax is currently being calculated on the full capital gains amount. It's clarified that this exemption specifically applies to long-term capital gains (LTCG) from the sale of equity shares and mutual funds under Section 112A.

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223 Points Posted on 21 July 2021
Exemption is applicable in case of long term gain. if that is the case then you can change the same in return
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On 21 July 2021 at 17:03
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Chartered Accountant
86505 Points Posted on 22 July 2021
100000 exemption available only in case of capital gain from sale of equity shares, mutual fund u/s112A.
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On 22 July 2021 at 06:56
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Chartered Accountant
24588 Points Posted on 22 July 2021
100000 rupees should be exempt for LTCG 112A
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On 22 July 2021 at 09:25

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