Dear KM, please use ITR-2 form to report your capital gains & losses. In case of LTCL from Eq. funds, no these ‘ll be ignored on the fact that LTCGs from Eq. MFs are also tax free.
I wish to clarify
1 As per my understanding, 370 days FMPs will be LTCG if using the growth option. I get indexation benefits of one year only. If however the 370 days period crosses 2 FY years for example FMP purchased on 25 Mar 2013 and redeemed on 4th April 2015, then double exemption benefit is obtained.
2 What I want to know is where to show it in the Excel software given by IT authorities, during filing of return in electronic form. Option is 3b but I do not know how it can calculate the tax at 10% (without indexation) and 20% (with indexation).
I do not know why only the heading has been published!!!
My question was how the Long term Capital Gains tax has to be shown in IT returns. There are three sections for LTCG
1 For Non resident..
2 For Other assets where proviso to section 112 is NOt applicable
3 For Other assets where proviso to section 112 is applicable
I had purchased Fixed Maturity Plan (Growth option) product of 370 days in Sept 11 which are now redeemed. How do I show whether I am using Tax calculation @ 20% after indexation OR 10% WITHOUT INDEXATION.
Also I would like to know if Long term losses incurred on account of Equity MF with Dividend plan can be set off against these. Can I also claim indexation benefits for equity based Mutual funds
You will need to check if your FMP really would be taxed as LTCG or STCG. I think, in your case, it will be STCG. For it to be counted as LTCG, it would have to complete the current FY. That is my understanding. So, you will have to reconfirm it.
LTCG of Equity MF, with or without dividends is Zero, so it doesnt matter if there was a gain or loss.
Dear KM, to claim indexation benefit, please put your details in 2, not 3.
Thanks
Ashal
Dear KM, please use ITR-2 form to report your capital gains & losses. In case of LTCL from Eq. funds, no these ‘ll be ignored on the fact that LTCGs from Eq. MFs are also tax free.
Thanks
Ashal
Thanks both of you for for your response.
I wish to clarify
1 As per my understanding, 370 days FMPs will be LTCG if using the growth option. I get indexation benefits of one year only. If however the 370 days period crosses 2 FY years for example FMP purchased on 25 Mar 2013 and redeemed on 4th April 2015, then double exemption benefit is obtained.
2 What I want to know is where to show it in the Excel software given by IT authorities, during filing of return in electronic form. Option is 3b but I do not know how it can calculate the tax at 10% (without indexation) and 20% (with indexation).
If anyone is aware of this, do let me know
K M
Dear KM, what’s the query?
Thanks
Ashal
I do not know why only the heading has been published!!!
My question was how the Long term Capital Gains tax has to be shown in IT returns. There are three sections for LTCG
1 For Non resident..
2 For Other assets where proviso to section 112 is NOt applicable
3 For Other assets where proviso to section 112 is applicable
I had purchased Fixed Maturity Plan (Growth option) product of 370 days in Sept 11 which are now redeemed. How do I show whether I am using Tax calculation @ 20% after indexation OR 10% WITHOUT INDEXATION.
Also I would like to know if Long term losses incurred on account of Equity MF with Dividend plan can be set off against these. Can I also claim indexation benefits for equity based Mutual funds
@ K M
You will need to check if your FMP really would be taxed as LTCG or STCG. I think, in your case, it will be STCG. For it to be counted as LTCG, it would have to complete the current FY. That is my understanding. So, you will have to reconfirm it.
LTCG of Equity MF, with or without dividends is Zero, so it doesnt matter if there was a gain or loss.