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LTCG on Equity Mutual Fund

Rakesh (Manager)     30 September 2020

 2 likes  61 points

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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.

Please help


J S BHAVSAR (CONSULTING)     02 October 2020

 34 likes  902 points

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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.


Rajat Sethia   10 October 2020

Rajat Sethia

 4 points

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If I enter in 112a, it is being considered for 10% tax even though amount is less than a to show it in ei...thx in advance

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