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

19 September 2020

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)

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

Thanks

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9 Replies

sabyasachi mukherjee (26037 Points)
Replied 19 September 2020

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

Palani Kumar (30 Points)
Replied 19 September 2020

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)

Sri Ram (46 Points)
Replied 19 September 2020

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?)

Palani Kumar (30 Points)
Replied 19 September 2020

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

Sri Ram (46 Points)
Replied 19 September 2020

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)

Palani Kumar (30 Points)
Replied 20 September 2020

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

Sri Ram (46 Points)
Replied 20 September 2020

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.