How to report the grand fathered income on the sale of long term equity shares ,, which is exempt from Tax in ITR schedule ?
2 Replies
Kapadia Pravin
(17259 Points)
Replied 12 August 2019
Now LTCG is exempt upto 1 lakh only. Capital on sale you have to under CG schedule.
jvratnam
(Others)
(109 Points)
Replied 12 August 2019
My query is that when every type of income is to be reported in ITR whether it is taxable or exempt from tax..
Earlier we are reporting CG income from long term equity shares in Exempt income,
Even now the long term income accrued till 301-01-2018 is exempt as it now called as grand fathered and the balance income is now only taxed . . I For example I earned actual income of Rs 23,,800 ( sale value - actual purchase )
After calculating the taxable gain as per the new formula ,the taxable gain is Rs 12,500 ,
The remaining income of Rs 11,300 is exempt and did not suffer any tax and where to show this in ITR.
Hope I explained and I do not know whether there is any flaw in my observation.
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