LTCG under Sec 112A is shown as part of Taxable income

ITR 238 views 4 replies

Dear all,

In efiling on the new portal, LTCG of shares under Sec 112 A amounting to less than Rs 1 lakh.

However in Schedule CYLA - it is summarised as Long Term Capital Gains (Charged to tax @ 10%) 

My query is: Should not this amount be exempted from the taxable income?

 

Thank you

Replies (4)
Provisions are there .
This is one of them.

LTCG under Sec 112A below Rs 1 Lakh is tax free.

If utility is throwing error (which is happening repeatedly since July 2021), then you must wait for the new portal to stabilise. Or

You delete your existing ITR and reenter again by downloading fresh utility OR you can enter fresh again in Online.

Thank you for your response sir,

Indeed this is an issue with the new portal. It added the tax on this amount when I first saved it. I logged out of the portal and logged in after 2 hours and saw the tax calculation had been redone and this amount is no longer taxed !

in case anyone else faces a similar issue pls recheck the calculation after some time and it might be different 

 

I do not agree.
The efiling portal for Individual is as per Sec 112A.
Long Term capital gains in excess of Rs.1 lakh is chargeable to tax @ 10%.
There are also seperate provisions pertaining to the same .
It must be subject to STT AND ENLISTED ON A RECOGNISED STOCK EXCHANGE.
IN VIEW OF THE ABOVE THERE ARE SEPERATE RULES
INDEXATION BENEFIT IS GIVEN OR NOT .
FOR ASSESSE LIKE AOP THERE ARE SEPERATE PROVISIONS.


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