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LTCG below 1L

tjr (Retired) (148 Points)

27 May 2019

LTCG on redeemed Eq MFs is less than 1 lakh. Do I have to still show in ITR2? if not, then where do I show the redeemed amount value received from mutual fund house?

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4 Replies

Gauthami (Student CA Final ) (431 Points)
Replied 28 May 2019

one lakh limit is only for tax liability. you should disclose such LTCG along with other income earned in respective ITR applicable to you

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tjr (Retired) (148 Points)
Replied 28 May 2019

Thks but confused. If I show as "Other Income" then I will have to pay tax on it. (then what is the no tax on LTCG upto 1L)
My LTCG for equity mutual funds comes to 29500.

Gauthami (Student CA Final ) (431 Points)
Replied 28 May 2019

what I mean is that LTCG 29500/- should be shown in ur Income tax return under head INCOME FROM CAPITAL GAINS & tax liability on that income will be nil as it doesn't exceed 1 lac limit.