Ltcg below one lac and itr1ay(19-20)

How can I show LTCG from sell of listed shares in ITR 1 for AY (19-20) The amount of gain is below one lac. Hence it is non taxable.So it should come under exempt income section. But there is no option for this in new itr1form and ITR1  is only suitable for me. If I choose "Any Other" option from drop down menu, what should I write in descriptttion column. Please guide me on this. Earlier I asked this query, but expert advise was to wait for ITR2. Now ITR2 is available.

Thank you

Malhar Deshpande

 

Replies (22)

ITR1 not applicable.

Study the Schedule CG of ITR2.

Why ITR 1 not applicable Sir? in both itr under exempt income I can show LTCG below one lac in any other option.
Why ITR 1 not applicable Sir? in both itr under exempt income I can show LTCG below one lac in any other option.
Where can I show LTCG below one lac in ITR2

LTCG from equity is not exempt now, its taxable u/s. 112A of IT act.

Fill the details in relevant column of Schedule CG of ITR 2 or ITR3.

No ltcg below one lac is exempt
No ltcg below one lac is exempt

Yes, but under which section?

Under 112A

That is taxable, not exempted.

LTCG from equity and mutual fund is taxable, if the amount is more than 1 lakh and only the amount which exceeds Rs. 1akh u/s 112A.
That means there is no section by which we can say that the gain below one lac iis exemptef

No. Section 112A itself has exemption limit of 1 lakh. Any gain above and above one lakh is taxed at 10% flat.

So which itr is correct if income is from pension bank interest and LTCG which is exempt i.e.below one lac

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