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Ltcg below one lac and itr1ay(19-20)

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220 Points Posted on 05 May 2019

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

 

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On 05 May 2019 at 15:03 Report
Replies (22)
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SEO Sai Gr. Hosp.
211713 Points Posted on 05 May 2019

ITR1 not applicable.

Study the Schedule CG of ITR2.

3 Reply
On 05 May 2019 at 18:15
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220 Points Posted on 05 May 2019
Why ITR 1 not applicable Sir? in both itr under exempt income I can show LTCG below one lac in any other option.
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On 05 May 2019 at 21:21
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220 Points Posted on 05 May 2019
Why ITR 1 not applicable Sir? in both itr under exempt income I can show LTCG below one lac in any other option.
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On 05 May 2019 at 21:23
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220 Points Posted on 05 May 2019
Where can I show LTCG below one lac in ITR2
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On 05 May 2019 at 21:33
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student
329 Points Posted on 06 May 2019

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.

3 Reply
On 06 May 2019 at 14:48
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220 Points Posted on 06 May 2019
No ltcg below one lac is exempt
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On 06 May 2019 at 14:50
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220 Points Posted on 06 May 2019
No ltcg below one lac is exempt
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On 06 May 2019 at 14:51
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student
329 Points Posted on 06 May 2019

Yes, but under which section?

1 Reply
On 06 May 2019 at 14:53
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220 Points Posted on 06 May 2019
Under 112A
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On 06 May 2019 at 14:56
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student
329 Points Posted on 06 May 2019

That is taxable, not exempted.

4 Reply
On 06 May 2019 at 14:57
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59 Points Posted on 06 May 2019
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.
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On 06 May 2019 at 16:23
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220 Points Posted on 07 May 2019
That means there is no section by which we can say that the gain below one lac iis exemptef
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On 07 May 2019 at 06:40
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student
290 Points Posted on 07 May 2019

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

7 Reply
On 07 May 2019 at 09:09
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220 Points Posted on 07 May 2019
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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On 07 May 2019 at 10:04


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