LTCG Exemption details entry in ITR2 if the amount is less than 1 Lakh

Sir,

I have entered all the shares detail in 112A for the LTCG and gain coming around 15000/ but in the tax page it is taking for the tax calculation. I know that till 1 LAKH no tax.. The 15000/- value is coming in the below box. 

Long-term chargeable @ 10% (9vi of item E of schedule CG) bi

Can you please help me to correct it.  Am I missing something ?

Thanks

 

Replies (9)
Quick Summary
This discussion addresses a common query regarding the entry of Long-Term Capital Gains (LTCG) in ITR2 when the amount is less than 1 Lakh. The user was concerned that their LTCG of approximately £15,000 was being included in tax calculations, despite the exemption for gains up to £1 Lakh. Through the conversation, it was clarified that while the gain may appear in certain sections of the tax return (like Part B TI, Sl No. 10), it should not be subject to tax calculation under Schedule SI for section 112A if it falls within the exemption limit. The discussion also briefly touched upon the taxability of income tax refunds and any associated interest.

In the tax page means..
pls tell more explicitly.

Thanks for the immediate response sir. 

In ITR2 Part B - TI section under 3 (b)

i. Long-term chargeable @ 10% (9vi of item E of schedule CG)

 

Hi,

In Part B TI, All incomes & gains under each head will be shown, but LTCG of  15000 will not be taken for calculation (Check S.no. 10 in Part B TI- is there any amount visible in that row?)

Sri Ram,

Thanks for the reply.

Yes it is showing in Part B TI Sl No. 10 as 

Income chargeable to tax at special rate under section 111A, 112, 112A etc. included in 9

Am I missing something some where.

Thanks

Palani

Hi,

Kindly Check Part B TTI Schedule- there won't be any tax calculated w.r.t the capital gains u/s 112A.

(Check 2B in Part B TTI Schedule) 

Thanks Sri Ram,

Have gone thru all the section one by one and confirmed that It is not showing in Schedule SI under 112(A). I am clarified.  

one more question.

Do we need to show last year IT refund amount under Schedule OS "From Income Tax Refund" though it is very small amount.  I think we have already paid tax for this amount last year know.  Can you please clarify.

Thanks

 

Hi,
Income tax refund is not taxable, but if you have received any interest for the refund from the IT dept. , only that interest is taxable under OS.

Ok Sri Ram. This helps. 

Thanks

 

Was this query resolved? I am seeing the same error. It shows me LTCG of Rs 12000 taxable when I fill up the details in schedule 112A?

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