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Long Term Capital Gain on Equity Mutual Fund

Barkha (None) (228 Points)

11 July 2024

AIS shows long term capital gain on equity mutual funds unit of 1200 Rs. Where to show it?

I understand this will be exempt from tax since it is less than 1 lakh? If yes, how to report it in ITR.

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16 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178014 Points)
Replied 11 July 2024

Fill the details in 'Schedule 112A'

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Barkha (None) (228 Points)
Replied 11 July 2024

When filling the details in 112A portal is charging tax at 10%, but Rs 1200 should be tax exempt since units were bought before 2018. What to do?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178014 Points)
Replied 11 July 2024

If bought before 31.01.2018, fill the grandfathered NAV as on the date. It will reduce the tax liability.

Barkha (None) (228 Points)
Replied 11 July 2024

Grandfathered value has been entered, but it shows 10% tax in CG schedule. Shouldn't 1200 Rs be exempt of tax considering it is much below the 1 lakh limit?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178014 Points)
Replied 11 July 2024

Yes, it is only for calculation purpose. Finally check under Schedule TTI, it will not be taxed.

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Barkha (None) (228 Points)
Replied 11 July 2024

Yes, checked and it hasn't been taxed. Thank you!

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178014 Points)
Replied 11 July 2024

You are welcome.

Ramadevi Srinivasan (CA Job) (65 Points)
Replied 15 July 2024

There is a case where the LTCG is on sale of UTI MEPUS (equity oriented plan). The CG statement does not contain the ISIN number, but shows calculation with grandfathering clause. The UTI has confirmed that this scheme does not have ISIN as it is not traded on secondary market. In this case how to fill in Sch 112A. Or where else can this be reported in the ITR2?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178014 Points)
Replied 15 July 2024

To get the lower tax rate only advisable to fill it under Schedule 112A. Check with some alternative if works like 'INF789F01XXX' Or alternative may be suggested...

Ramadevi Srinivasan (CA Job) (65 Points)
Replied 15 July 2024

Unable to fill Sch 112A as there is no ISIN. System does not accept dummy ISIN and says "Please input valid ISIN"

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178014 Points)
Replied 15 July 2024

In that case fill it in Tab 'After 31.01.2018', with the grandfathered rate as COA.

Ramadevi Srinivasan (CA Job) (65 Points)
Replied 15 July 2024

The units were bought before that date.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178014 Points)
Replied 15 July 2024

Yes, but you are not able to fill that in that tab. While with Grandfathered rate on or after 31.04.2018, you are able to file the correct capital gain. If questioned, you have the capital gain statement from UTI AMC. Verify the entries in AIS report.