Short Term Capital Gains on equity transactions

Tax queries 107 views 1 replies

I opened a trading account last year (2024) and my approximate short term capital gains / losses for each quarter were the following:

Q1 Gain of Rs 30,000 (taxable at 15%)

Q2 Gain of Rs. 20,000 (taxable at 20% since the sales happened after 23-July), and

Q3 Loss of Rs. 20,000

The brokerage firm reported the Q1 and Q2 gains on form 26AS, but did not report the Q3 loss since I am told they can only report positive numbers (gains) on Form 16. As a result, my 26AS for the year is showing an income of Rs 50,000  from STCG whereas it should only be Rs 30,000. 

On my IT return, I am thinking of reporting Rs 30,000 STCG but that will cause a disconnect with Form 26AS and will possibly invite an unnecessary query. Any advise based on how others dealt with this?

Replies (1)

Show each transaction related with capital gain separately and then you can file with the net 30k income.

Let me know if you need any help.

ca.ajaakarshjain16 @ gmail.com

9760100302


CCI Pro

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