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Mahendrakumar Kolhe

Category : Taxation..,

Solved

July 23, 2018 3:40 pm

Dear Amlan,

I have below capital gain statement for Mutual fund. I want to know do we need to show this capital gain in ITR2 AY 2018-19. But Gain till 31st Jan 2018 has been grandfathered. can you please explain how this can be tackled?

Thanks in advance. #Makeknowledgefree

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Amlan Dutta

All gains up to 31st January 2018 will be grandfathered. Only LTCG gains for equity shares/equity MF post 31st Jan 2018 shall be taxed ..Since all your gains are before 31st Jan 2018 , you can show this in exempt income schedule of ITR 2 or even ITR 1 under section 10(38), if you have no other capi...

All gains up to 31st January 2018 will be grandfathered. Only LTCG gains for equity shares/equity MF post 31st Jan 2018 shall be taxed ..Since all your gains are before 31st Jan 2018 , you can show this in exempt income schedule of ITR 2 or even ITR 1 under section 10(38), if you have no other capital gains .....<br /> Post 31st Jan 2018 , for Long term capital gains on sale of Equity shares/units of Equity oriented Fund if more than Rs 1 lakh at @ 10% without the benefit of indexation.<br />I dunno why your fund house is showing indexed gains because LTCG is to be considered without indexation benefit at present ( i.e implying valid LTCG gains 31st January 2018 ) <br /> <br /> Example: Mr. A purchased shares for Rs. 100 on 30th September 2017 and sold them on 31st December 2018 at Rs 120. The Value of the Stock was Rs. 110 as on 31st January 2018. Out of the capital gains of Rs. 20 (i.e 120-100), Rs. 10 (i.e 110-100) is not taxable. Rest Rs. 10 is taxable as Capital gains @ 10% without indexation.

July 23, 2018

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Mahendrakumar Kolhe

THanks for clarification. I have 2 home loans hence preparing ITR 2

July 23, 2018

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Amlan Dutta

Ok, in that case use the exempt income schedule to depict the exempt LTCG gains from the Equity Mutual fund units

July 23, 2018

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Jitendra B

Amlan Dutta, One query, is it mentioned in IT policy and rules that LTCG from Equity MF and listed stocks should always be mentioned absolute gains and indexation should not be allowed on such gains?

July 23, 2018

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Jitendra B

Even my trading broker site is giving LTCG Equity shares gains with indexation. Only thing is they are still making reference to old CII values and not the new CII values.

July 23, 2018

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