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Long term capital gain from equities for AY 2019-20

19 June 2019

How to report LTCG from equities in ITR when multiple stocks are sold with more than say 100 or 1000 transactions? Both FMV- Fair market price as on 31/01/2018 and purchase price of each stock will be different so how to determine the net cost of acquisition for multiple stocks. ITR form has a provision to fill up figures for one stock only. Is it possible to consolidate all the transactions based on Broker's statement and put in a way that the final gain or loss in the ITR form shown in 4c matches with actual gains or losses as per Broker's statement. Please advise.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178014 Points)
Replied 19 June 2019

Yes.

In case of long term capital gains (LTCG) arising on sale of equity shares or unit of equity oriented fund or unit of business trust on which STT is paid, separate computation of capital gains should be made for each scrip or units of mutual fund sold during the year and aggregated amount should be provided in item No. B4 (ITR 2)/B5( ITR 3) (in case of residents) or item No. B7 (ITR 2)/B8(ITR3)(in case of non-residents).

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Nirmal Bhansali (61 Points)
Replied 19 June 2019

Thanks a lot Mr Dhirajlal Rambhia for your views.

Om Goyal (445 Points)
Replied 21 June 2019

the above reply of sh Dhiraj lal Rambhia is nice pl follow same.

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Rani (None) (277 Points)
Replied 21 June 2019

It is not possible to enter LTCL in B4 of ITR 2 . The cell won't take negative values. If more than one scrip or MF units are sold it is not possible to enter the data. Will CBDT modify the ITR forms, if not how to enter the LTCG/LTCL?

Nirmal Bhansali (61 Points)
Replied 21 June 2019

It is possible. U have only to put values in B4 a, bi,bii n biii, rest values in bi, c, d n f will be automatically calculated indicating loss by negative value which can be carry forwarded. No need to change ITR.

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Rani (None) (277 Points)
Replied 22 June 2019

I tried. It accepts values as suggested by you .I was trying to convert to XML and gets the message "press calculate tax". Then get a message to enter the values in cells in FMV, actual COA etc. How to go forward and generate XML file?

Nirmal Bhansali (61 Points)
Replied 22 June 2019

Perhaps you are using ITR-2 for PR 1.1 which is now revised to PR 1.2 on 14/06/2019. In PR 1.2, you have to manually enter values in cells with green background and only biv,c,d and f are auto piloted. Also X M L file will be correctly generated if you are using the latest version of the ITR. Hope it will work now.

Rani (None) (277 Points)
Replied 22 June 2019

Thanks . Will download the latest version and try.

Nirmal Bhansali (61 Points)
Replied 22 June 2019

Wishing you the best. May email or call me if still face any problem.

Rani (None) (277 Points)
Replied 22 June 2019

Downloaded the new ITR 2 form .Seems the checking of higher or lower values are disabled in the form for equity /equity MF capital gain. So could enter the aggregate actual values of actual COA, sale value and sec 55(2) COA in the required cells. Could create the XML file too. Thanks a lot.

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Amol (Accounting) (434 Points)
Replied 23 June 2019

Sir, for calculating LTCG on shares under Section 112A, where large no. of scrips with several sale transactions of each scrip are involved; is there any EXCEL sheet format which I can download from any source? OR will I have to design and formulate a format in EXCEL myself ?