only ltcg above 1 lakh are taxable. but i m still seeing taxation on my entire ltcg in quicko.
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Hi @Astha_Airan
Can you please Submit a ticket : Help Center so that our team can have a closer look at your query and help you better?
Hi Astha, did you get resolution from the Quicko team? I could not find the exemption of 1L in the LTCG.
I am also not able to locate it in my Filed Returns. Could anyone throw light in this please.
Hi @Karthikeyan_Pakkiris @mp_jegan
Please Submit a ticket : Help Center and our team will revert back to your query.
You will be able to find the 1 lakh exemption on LTCG when you Download Tax Computation Report : Help Center.
Hi @Shrutika_Shah still I could see my STCG being adjusted against LTCG. My LTCG is ~20000 Rs and STCG is ~8000. In the Computation of Income report I see that my capital gains become 20000-8000 = 12000 Rs which are added to my income directly.
Where is the rule of LTCG exemption and Carry forward STCG?
This does not sound right.
Also, as per the rules, STCL (8000) can be set off against LTCG (20,000) and the remaining LTCG (12,000) will be exempt upto Rs. 1 lakh.
If you doubts, you could send us the Tax Computation at help@quicko.com so that we can analyze it and provide you a resolution.
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To everyone who is coming here.
The tax is calculated on the total income shown - Capital Gains (If < 1Lacs). Its just shown there and added to the total income. I am not really sure why would total income be shown with capital gains in case of <1 Lacs.
So need not worry, just do your calculation of total income - capital gains - exemptions and verify the total tax calculated from the ITR calculator, they should match
The LTCG exemption of Rs. 1 lakh is taken into consideration by Quicko.
It is just shown on the interface as a taxable income for the purpose of reporting, however, the same is not considered for the computation of tax.
You can verify the same by Downloading Tax Computation Report : Help Center > Tax payable at Special rate and Tax Payable at Normal rate.
Hope it helps.
It seems full amount of LTCG of 20,000, being < 1,00,000, should be claimed Exempt u/s 112A and STCL of 8,000 should not be set off against 20,000. Full amount of STCL of 8,000 should be C/F to Next Year.