I have LTCG of less than 97,000 from Shares and about 22,000 from liquid funds. The utility for ITR 2 is calculating tax on the entire LTCG without deducting Rs. 1 lakh from the total LTCG. My understanding is that the LTCG from shares should not be taxed because it is less than Rs. 1,00,000 and the LTCG from liquid funds should be taxed. If my understanding is correct how do I get it done by the utility ? Further how do I get the LTCG adjusted against accumulated losses of LTCG (LTCL ) in the previous years ?
Tax on LTCG without giving deducting Rs. 1 lakh.
M. Sreehari (Retired Professor) (77 Points)
07 July 2022