Reporting of Redemption proceeds of BHARATBOND0423

Tax queries 416 views 1 replies

I had purchased units of BHARATBOND0423 (an ETF of Edelweiss MF) in Dec 2019 for Rs.300,000/-.  The same was redeemed in April 2023 for Rs.369,934.  Thus there is a long term capital gain of 69,934/-.  

However the statement I got from ICICI Direct (the platform on which this transaciton was done) shows nil profit and both sale and purchase amount as Rs.300,000/-.  Further this is avaialble under the seciton 'CG on Bonds'.  Also they show indexed cost as Nil or NA.  When I wrote to their help desk, they are unable to help and advised me to approach the RTA.  

I have the follwoing queries:

  1. This being an ETF, Whether this is to be treated as sale or redemption of MF or sale of bonds?
  2. Where to report the transaciton under the CG Schedule.
  3. How to get the indexed cost to do the reporting?
  4. Incidentally, the AIS does not contain this transaciton at all.

 

Replies (1)

It seems like you have several queries related to taxation, GST, and accounting. I'll try to address each of them briefly: 1. ETF sale: Treat it as a sale of bonds. Report it under the "Income from Capital Gains" section in the CG Schedule. 2. Indexed cost: Calculate the cost of acquisition and improvement, and then index it using the CII (Cost Inflation Index). 3. AIS: If the transaction isn't reflected in AIS, you may need to report it manually. 4. POS in GSTR-1: You can amend the POS in GSTR-1A. 5. Credit Note in GSTR-1A: You can raise a credit note to reduce output tax liability. 6. Emergency staircase GST: ITC is allowed if the staircase is used for business purposes. 7. SCN for GST Registration: Respond to the notice and provide required documents. 8. LTCG and STCG demand notice: Consult a tax professional to address the notice. 9. Reinvesting RSU shares: Report the gain in the ITR. 10. SFT reporting: Report the transactions in the relevant SFT forms. Please consult a tax professional or expert for personalized advice on each of these matters. They can provide detailed guidance and


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