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Ltcg calculation in new itr

ITR 739 views 11 replies

If a person has LTCG from sale of shares, purchased after 31st Jan 2018, how this should be presented in the ITR. Should detail be given along-with 112A. If yes, in that case what should be filled up in the field which asks for FMV as on 31st January, 2018. 

Replies (11)

Pls revert

Schedule 112A is good system but cumbersome and it has its own rounding effects on the quantity and amounts. This results in some variation in the calculation between the manual calculation we do in excel and the one done in Schedule 112A. 

According to some posts here, one can skip 112A and directly enter the details in Schedule CG B4.

Is it optional? Can someone pls confirm..

No. Its mandatory, as otherwise the utility do not calculate liable tax properly.

In that case, pls suggest what value should be put in FMV as on 31/03/19 column when the shares have been purchased after 31/01/18. 

31/03/2018

Details related to FMV 31/03/2018

Also mentioned in Income Tax Return Format (Stocks)

Which was provided Stock Broker

We tried both option Schedule 112A and directly entered on B4 (ITR-2).

But the Exempted limit column 4d (LTCG threshold limit as per section 112A (4c – Rs. 1 lakh)) still shows 0.

The exempted amount also gets calculated @ 10%. 

What is the solution to claim as exempted u/s 112A?

If shares are purchased after 31/01/2018, you are not required to mention FMV of such shares/units.

Capital gain will be calculated as follows= (Sale rate-Acquisition rate)*10%

Today department has also issued an update that schedule 112A not at all mandatory.

you can directly fill Sr. no B4/B5 in case of ITR-2 and ITR-3 respectively.

 

Thanks

In my case after entering data in 112A some Rs -10 loss gets added because of various rounding effects on Mutual fund units and FMV values. 

Actual LTCL on equity = Rs -175

But LTCL loss after entering data in Schedule 112A = Rs -185

I have tried verified everything, it is the excel utility has rounding effects that keeps adding -0.22, -0.47, -0.12 etc.

What should be done?

Ashik Ahamed, Your query is similar to the issue reported in below link

https://www.caclubindia.com/forum/bugs-in-itr-2-form-revision-pr2-excel-utility-521899.asp?offset=1


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