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Unable to utilise basic exemption limit

ITR 604 views 5 replies

I have total STCG(shares) of Rs 200000. I am trying to file return in ITR 2, but instead of it getting adjusted against basic exemption limit it calculates tax at 15%. The amount entered is only in CG sheet with all the calculation. Can someone explain how do i utilise basic exemption limit

Replies (5)
No exemption limit in case of capital gains. But relif regarding exemption limit can be claimed. Relif is calculated as follows if you have 400000 total income including 200000 capital gains then 400000 - 200000 ( capital gains) - 250000 ( basic exemption limit) = 50000 so 50000 will be reduced from 200000 ( capital gain) and only 150000 is chargeable to tax. This is applicable only if you are individual or huf.

I dont have any other income. I know I am eligible for relief, but I am making some mistake in filing the form. I have entered basic details, and entered capital gains details, but the form does not provide the relief in this matter.

you have to fill the full sheet to make the form correct so that it knows u dont have any other income, in the first 3 sheets u will see the basic limit is take care of and there is no tax to be paid

you have to fill the full sheet to make the form correct so that it knows u dont have any other income, in the first 3 sheets u will see the basic limit is take care of and there is no tax to be paid

I facing the same issue whileing fileing ITR2. Is there any solution?


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