I redeemed Long term mutual fund during the year 2021 the capital gain is around 4000 only do i need to show in the ITR or not required
6 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178083 Points)
Replied 14 February 2023
It is mandatory to be declared, provided your gross total income is above basic exemption limit.
taranath babu
(90 Points)
Replied 14 February 2023
Sir I have missed this information for the FY 2020 -2021 how can it be rectified
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178083 Points)
Replied 14 February 2023
If it is LTCG over equity MF, then it is tax exempt upto the limit of Rs. 1 lakh, thus there will not be any additional tax liability. As such not possible to file updated return, unless there is any additional tax liability.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 15 February 2023
File updated return u/s 139(8A)
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