I am filing the Return Preperation Software for A.Y. 2011-12 in ITR-2 downloaded from www.incometaxiondiaefiling.gov.in on behalf of a Senior Citizen Assessee(female) who has Income from long term capital gain and income from other sources. The assessee got rupees 1.05 crores from selling a land which has indexed cost of acqusition valued Rs.2,986,200 and she also invested Rs. 50 lacs in 54EC Capital Gain Bonds. She also has Income from Bank Interest amounting Rs. 212,576 and investment of Rs. 1 Lac for claiming deduction under section 80C. The lady being a senior citizen can claim threshold limit of Rs.240,000 and Rs.1 lac for 80C can be claimed only from Income from other sources and LTCG amounting Rs.2,513,800 will be taxed at a special rate of 20% only after deducting the balance threshold limit, since her income from other sources is below Rs.240,000. Now, while entering these data In ITR-2, the system automaically calculates tax and give the assessee only a threshold limit of Rs.160,000 only. Hence it calculates a higher tax liability of Rs.16,000 i.e. 20% of Rs.80,000 (Rs.240,000 less Rs.160,000). I find only the Date of Birth in ITR-2, from which it can be proved that the assessee is Sr. Citizen which is entered correctly. Please suggest how to solve this problem?
thanks in advance from Debasish Pal
CAclubindia
