AIS shows long term capital gain on equity mutual funds unit of 1200 Rs. Where to show it?
I understand this will be exempt from tax since it is less than 1 lakh? If yes, how to report it in ITR.
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Long Term Capital Gain on Equity Mutual Fund
Replies (16)
Fill the details in 'Schedule 112A'
When filling the details in 112A portal is charging tax at 10%, but Rs 1200 should be tax exempt since units were bought before 2018. What to do?
If bought before 31.01.2018, fill the grandfathered NAV as on the date. It will reduce the tax liability.
Grandfathered value has been entered, but it shows 10% tax in CG schedule. Shouldn't 1200 Rs be exempt of tax considering it is much below the 1 lakh limit?
Yes, it is only for calculation purpose. Finally check under Schedule TTI, it will not be taxed.
Yes, checked and it hasn't been taxed. Thank you!
You are welcome.
There is a case where the LTCG is on sale of UTI MEPUS (equity oriented plan). The CG statement does not contain the ISIN number, but shows calculation with grandfathering clause. The UTI has confirmed that this scheme does not have ISIN as it is not traded on secondary market. In this case how to fill in Sch 112A. Or where else can this be reported in the ITR2?
To get the lower tax rate only advisable to fill it under Schedule 112A.
Check with some alternative if works like 'INF789F01XXX'
Or alternative may be suggested...
Unable to fill Sch 112A as there is no ISIN. System does not accept dummy ISIN and says "Please input valid ISIN"
In that case fill it in Tab 'After 31.01.2018', with the grandfathered rate as COA.
The units were bought before that date.
Yes, but you are not able to fill that in that tab. While with Grandfathered rate on or after 31.04.2018, you are able to file the correct capital gain. If questioned, you have the capital gain statement from UTI AMC. Verify the entries in AIS report.
Ok.. was just wondering whether any other avenue exists for reporting such gains.
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