Rakesh (Manager) 30 September 2020
I have Long Term capital Gain for sell of Mutual Fund unit that includes ELSS (after 07 year) and Equity fund (after 1 year). As i understand LTCG on MF is exempted if it is less than Rs.1.0 lac.
Do i need to include this Mutual fund details in ITR-2 or can i directly skip this details from ITR as this is tax exempted. I am salaried and for salary TDS is deducted by my Company.
If i have to show it in ITR-2 in which section of CG sheet i need to include and how the exemption will be considered for <1.0 lac capital gain during tax calculation.
Also i have sold some debt mutual fund in less than 1 year and the amount i gained filing in 'CG' sheet in 5 (ii) directly, is it correct.
J S BHAVSAR (CONSULTING) 02 October 2020
Applicable form for your case is ITR2 only.
No matter what is LTCG and if less than 1 lakh or more than 1 Lakh. The LTCG details of Buy Sell must reflect in Schedule 112A of ITR2.
Debt fund was sold less than 1 year, so it should be entered in Schedule CG in Section STCG and the gains here directly get added to the Income and tax payable as per slab.