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


Palani Kumar   19 September 2020

Palani Kumar

 11 points

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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

 

avater

sabyasachi mukherjee   19 September 2020

sabyasachi mukherjee

 153 likes  4094 points

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

avater

Palani Kumar   19 September 2020

Palani Kumar

 11 points

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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)

 

avater

Sri Ram   19 September 2020

Sri Ram

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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?)

avater

Palani Kumar   19 September 2020

Palani Kumar

 11 points

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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

avater

Sri Ram   19 September 2020

Sri Ram

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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) 

avater

Palani Kumar   20 September 2020

Palani Kumar

 11 points

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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

 

avater

Sri Ram   20 September 2020

Sri Ram

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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.

avater

Palani Kumar   20 September 2020

Palani Kumar

 11 points

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Ok Sri Ram. This helps. 

Thanks

 


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