1 lakh exemption on LTCG

only ltcg above 1 lakh are taxable. but i m still seeing taxation on my entire ltcg in quicko.


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?

Hi @Rahul_Khanna

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.

1 Like

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

Hi @Rahul_Khanna

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.