Sayan Mukhopadhyay (16 Points)
03 March 2018I am a salaried person... I received long term capital gains from selling a land in FY 2017 - 18.
How can I avail for ltgc tax @ 10% instrad 20% in ITR 2 for FY 2017 - 2018.?
Why ITR 2 does not have a column for Long term capital gain without indexation for Resident catagory ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(182327 Points)
Replied 03 March 2018
" How can I avail for ltgc tax @ 10% instrad 20% in ITR 2 for FY 2017 - 2018.?
ITR for FY 2017-18......... not released yet.........
Under which section LTCG is charged at 10% over land/ immovable property?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(182327 Points)
Replied 03 March 2018
Generally, long-term capital gains are charged to tax @ 20% (plus surcharge and cess as applicable), but in certain special cases, the gain may be (at the option of the taxpayer) charged to tax @ 10% (plus surcharge and cess as applicable). The benefit of charging long-term capital gain @ 10% is available only in respect of long-term capital gains arising on transfer of any of the following asset:
(a) Any security which is listed in a recognised stock exchange in India;
(b) Any unit of UTI or mutual fund (whether listed or not); and
(c) Zero coupon bonds.
For details refer: capital-gains-tax-simplified
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
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