WHERE TO PUT LTCG BELOW 1LAKH IN ITR 3 FORM?
LTCG BELOW ONE LAKH EXEPMTED UNDER WHICH SECTION IN ITR 3 FILING
KARAN KHASICLIENT (STUDENT) (23 Points)
13 August 2021
8 Replies
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 13 August 2021
You may disclose the same in schedule 112A
KARAN KHASICLIENT
(STUDENT)
(23 Points)
Replied 13 August 2021
but the details which they are asking in the form is very complicated. As the income from LTCG is less than 1 lakh, and it is exempted do i still have to fill all the details u/s 112A. or is there any other ways to show my income from LTCG?
J S BHAVSAR
(CONSULTING)
(1288 Points)
Replied 13 August 2021
| Originally posted by : KARAN KHASICLIENT | ||
 |
but the details which they are asking in the form is very complicated. As the income from LTCG is less than 1 lakh, and it is exempted do i still have to fill all the details u/s 112A. or is there any other ways to show my income from LTCG? |  |
Entering data in Schedule 112A of ITR form
===============================================
If an investor redeems his/her investment in equity mutual done through monthly SIP (Systematic Investment Plan) after 10 years, he/she will have to fill 7 columns in 240 rows in Schedule 112A for a single mutual fund investment to report and calculate any Long Term Capital Gains.
In case an investor had 10 mutual fund SIPs, he/she must fill 2,400 rows in Schedule 112A after redeeming the investments after 10 years.
That is the reality of the Indian bureaucracy. They are least bothered. The new income tax portal, several errors after 66 days of launch explains it further.
Samantha J
(1236 Points)
Replied 14 August 2021
For security purchased before 31 01 2018 each TXN, security wise is required! But for security purchased after 31 01 2018 one consolidated amount can be filled as one TXN!
Tejas bhagat
(CA Finalist)
(203 Points)
Replied 25 August 2021
Whenever I put details in schedule 112A it shows Long term Capital gain chargeable to tax in the online utility. The same is also seen in the excel utility for AY 20-21. Can someone tell WHERE to mention the EXEMPTION on LTCG below 1 lakh in ITR form? Dont say schedule 112A. There's no option to put exemption amount there.
Tejas bhagat
(CA Finalist)
(203 Points)
Replied 25 August 2021
There is no place to show it there in Schedule 112A. How to show it? The utility is considering it taxable.
J S BHAVSAR
(CONSULTING)
(1288 Points)
Replied 25 August 2021
There is a glitch in the software that was released on 23rd Aug 2021 and all Online Mode ITR drafts were auto deleted by the system after the portal got up and running.
Schedule BFLA and CFLA are important and press Compute Setoff button for sure.
Schedule CFL is important.
Schedule Special Income is important. Press Confirm there.
Only then LTCG below 1 Lakh will not get added in the gross taxable income.
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