Why incorrect tax calculation case of capital gain itr 3?

Check 'Schedule SI'...... rectify Sr. 4 '112 (LTCG on others)'; if needed.

Hai,

As you said, It is correct that Chapter VI A Deductions cannot be deducted from Capital Gains.

But in your case, The Gross Total Income Excluding Long Term Capital Gains is Rs. 2,79,596/-. Loss Adjusted is Rs. 92,630/- and Chapter VIA Deduction is Rs. 40,130/-. So the Total Income Excluding Long Term Capital Gains Amounts to Rs. 1,46,836/-. which is below basic exemption limit of Rs. 2,50,000/- You can deduct unaviled basic exemption limit which amounts to Rs. 1,03,164. from Capital Gains. So Capital Gains is Rs. 1,00,884 which is below 1,03,164. so , ,the tax liability is Zero.

I endorse mr. Mahendra view...

Good Evening to All...

 

@ Ms. Bhawna.,

Your attachments shown only the shedules of "PART B - TI & PART B - TTI" it's only shown after computation of Income which is feed by Yourself. So, No more clarity and haven't any solutions about your query.

So,

Please shown your values of feed by yourself in the table of "SHEDULE - CG" and it's reflections of "SHEDULE - SI" after checking then only will give Solutions...

As per Mr. Dhirajlal Rambhia Sir's view is correct. Check out Yourself in the above said Columns...

 

Thanks Sir.

Please find attached the screenshots of the CG and SI tabs of the Utility. I have mentioned the names of the images accordingly in series.

Please check and advise.

 

Advisable for Download New ITR Utility...

Bcoz,

In your uploaded Image"SHEDULE - SI -> Column No 5 -> 112 (LTCG other) Income Shown Rs. 100884. But, In Column (ii) and (iii) values are Missed....

Please go to check out and Try to file. Also use "JAVA UTILIY"

 

Note : Also wait for the reply from Mr. Dhirajlal Rambhia Sir's view...

@ Mr. Dhirajlal Rambhia  Sir, Please check the screenshots of the "CG and SI" pages of utility I have attached in my reply to Sir Raja P M. Please check and advise.

Thanks.

@ Mr. Mahendra ,  @ Mr. Ramakrishnan R.. Sir ... Thanks for your reply.

After verification of the additional data, and subject to verification of loss adjustment of 92,630/- 

It can be concluded that the LTCG (after the claim of Rs. 4,12,395 u/s. 54F) gets adjusted under Basic Exemption limit of Rs. 2,50,000/-, there by there is no tax liability.

Appreciate the conclusion of Mr. Mahindra for that.

So, herewith confirm that the TDS amount is totally refundable, subject to loss adjustment claimed.

Good Luck.

Thank You for Reply and Confirmation My Dear Mr Dhirajlal Rambhia Sir... Thank You Once Again... 😊😊😊😊😊

After Deduction sec 54F Rs. 412395... The Tax liability is 0...

TDS refundable...

>>> GOOD LUCK <<<

@ Mr. Dhirajlal Rambhia Sir, Thanks for your reply.

Sir, you have mentioned  "well, did not understand deposit of Rs. 18 lakhs under CGAS for claim of Rs. 4.12 L !!!"
What best can be done then? Please clarify if any other option.

Thanks.

1. Actually calculation wise it should be 3,93,485/-  as LTCG is 21.86% (so, check the difference of 19K extra claimed.)

2. Secondly in such cases 54EC was better option than 54F

3. And in my opinion,  just paying off 20.6% LTCG tax i.e around 80K  tax is even more profitable option than to book 18 lakhs  for around (3+3) ie. 6 years totally.

But that is out of the box, as related to your query.

 

@ Mr. Dhirajlal Rambhia Sir Thanks a lot for your prompt reply. Thanks for the solution and help.

@ Mr. Raja PM Sir. Thanks for the reply.