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LTCG below 1L

tjr (Retired) (148 Points)

27 May 2019

LTCG on redeemed Eq MFs is less than 1 lakh. Do I have to still show in ITR2? if not, then where do I show the redeemed amount value received from mutual fund house?

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4 Replies

Gauthami (Student CA Final ) (428 Points)
Replied 28 May 2019

one lakh limit is only for tax liability. you should disclose such LTCG along with other income earned in respective ITR applicable to you

tjr (Retired) (148 Points)
Replied 28 May 2019

Thks but confused. If I show as "Other Income" then I will have to pay tax on it. (then what is the no tax on LTCG upto 1L)
My LTCG for equity mutual funds comes to 29500.

Gauthami (Student CA Final ) (428 Points)
Replied 28 May 2019

what I mean is that LTCG 29500/- should be shown in ur Income tax return under head INCOME FROM CAPITAL GAINS & tax liability on that income will be nil as it doesn't exceed 1 lac limit.