Ruchi Agrawal (law) (129 Points)
25 July 2010Please help me in filling LTCG in ITR 4:
Full value of condiseration 15 lacs
cost of acquisition after transfer 686737
Balance 813263
Deduction u/s 54EC 820000
Net Balance NIL
Amount deemed to be LTCG u/s 54/B/54C/54D/54E/54F/54G/54GA NIL
What to mention in below
Total LTCG (enter nil if loss)
Priyanka
(Chartered accountant)
(371 Points)
Replied 25 July 2010
according to u , u r capital gain is 813263 ( sale consideration - cost) . deduction u/s 54EC is 820000. as per rule, dedection shall not exceed captial gain.
so in column of deduction u should write AMOUNT OF 813263 ONLY and not 820000. so u r capitla gain would be NIL. THERE IS NO CAPITAL LOSS AT ALL. u r capitla gain is NIL. SO ENTER VALUE AS NIL
Ruchi Agrawal
(law)
(129 Points)
Replied 25 July 2010
Thanks. I see ITR 4 says to mention NIL if loss. What to do with it.
Pankaj Gulati
(Tax Advisor)
(81 Points)
Replied 21 August 2010
In Part B-TI, u will write NIL if their is loss from Sale of Capital Asset and write the figure of loss in Schedule CFL. But urs is not a loss case so write NIL in Part B-TI as explained above by Ms. Ruchi.
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