Tax on LTCG without giving deducting Rs. 1 lakh.

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M. Sreehari

Retired Professor

77 Points Joined March 2017

I have LTCG of less than 97,000 from Shares and about 22,000 from liquid funds. The utility for ITR 2 is calculating tax on the entire LTCG without deducting Rs. 1 lakh from the total LTCG. My understanding is that the LTCG from shares should not be taxed because it is less than Rs. 1,00,000 and the LTCG from liquid funds should be taxed. If my understanding is correct how do I get it done by the utility ? Further how do I get the LTCG adjusted against accumulated losses of LTCG (LTCL ) in the previous years ?

Replies (5)

Mahesh Shah

2440 Points Joined July 2017

Till yesterday there were technical issue with portal.
i think try today......issues might be corrected & u will get correct amounts

CA Rashmi Gandhi

Chartered Accountant

86505 Points Joined April 2011

Use some software or instead you can file it online.

If you are not professional then use help of some professional

M. Sreehari

Retired Professor

77 Points Joined March 2017

I am filing online using the software utility provided by IT portal. Last year I had less than 50000 LTCG and the same software did not tax the LTCG. It appears some tweaking of the software was done this year or it is still not fully stable.

I am not a financial /accounting professional. As suggested by Ms. Gandhi I may have to go to a professional.

Manas Phadke

Senior Consultant

90 Points Joined June 2009

I filed my own return ITR2 last weekend online on the portal itself (without software utility) and it correctly considered the exemption of 1 lakh on LTCG on listed equity shares. Have you tried filling up ITR2 on the portal itself?