Long Term Capital Gain (Less than 1 Lakh Exempt or Taxable)

ITR 634 views 4 replies

Rudrajit Paul

1 Points Joined September 2021

Respected Sir/Madam,

I am having trouble relating to Long-term Capital Gain.

I can't figure out how to show my Long-term Capital Gain from sale of shares in my income tax return. It is lower than 1 Lakh Rupees and hence exempt from taxation. But if I show it under section 112A the form asks for information about accrual/receipts of capital gain in 5. Long-term Capital Gains taxable at the rate of 10%. So my question to you is how else I can show it or can I show it in Schedule Exempt Income.

My knowledge of Capital Gain maybe incomplete and any information or updates are welcome.

Replies (4)

Rama chary Rachakonda

Master in Accounts & high court Advocate

9487 Points Joined December 2011

Capital gains are generally included in taxable income, but in most cases, are taxed at a lower rate. ... Short-term capital gains are taxed as ordinary income at rates up to 37 percent; long-term gains are taxed at lower rates, up to 20 percent.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208759 Points Joined July 2016

Fill 'Schedule 112A". There no other option. If purchase is after 31.01.2018, fill the data combined, otherwise individually.

Finally the utility will take care of 1 lakh exemption.

veerendar singh

tax consultant

3306 Points Joined October 2018

Ltcg is not exempt income. dont show in schedule EI

Rammohan

255 Points Joined April 2012

You may fill in the details of accrual of capital gains according to the 4 periods mentioned in the schedule. This needs to be done for advance tax purposes, but does not affect the exemption of Rs 1 lac LTCG. The total LTCG shown in Sch 112A should be the same as the total of the items in the accrual of capital gains schedule.