How to add capital gains details under section 112 A when filing ITR

Income Tax Income from Capital Gains
1

Want to know whether 112A has to be filled in income tax utility or can be uploaded as a separate excel file along with IT return? Since we don’t get USIN no details in broker’s report, do you help in getting 112A ready for clients ?

2

Hi @Niraj

LTCG has to be reported under Section 112A. ISIN details should be added for all trades entered under the Section 112A. To know more about Section 112A- Trade wise details of LTCG refer to this article.

3

I sold 1 company’s shares in March 2020. Some of those shares were short term (less than 1 yr) and some were long term (more than 1 yr). In this case how to add these details in section 112A?

4

In the utility, while filling trade details in schedule 112A of ITR-2, if the trade value is LTCL the last column is showing only zero and not as loss. How do I enter long term capital loss arising from equity shares or mutual funds in ITR-2 ?

5

Hey Harsh,

Income on sale of the shares that are held for less than a year is Short Term Capital Gain. You can calculate STCG as the difference of Sales Value and Buy Value of such units held for less than a year. Income on sale of the shares that are held for more than a year is Long Term Capital Gain. Such details should be entered in Schedule 112A. Enter number of units, sell value per unit, total cost of acquisition (buy value per unit * long term units) and FMV per unit. LTCG would be calculated as per the grandfathering rule.

1 Like
6

Hey Hiral,

n the last column of Schedule 112A, the gain or loss is reflected as zero when the cost of acquisition is derived from the sales price. Here is an example to help you understand better:

Units = 10
Sales Price per unit = 50
FMV per unit = 60
Purchase Price per unit = 40
Cost of Acquistion as per grandfathering rule = 50*10 = 500
Thus, LTCG = Sales Value - Cost of Acquisition = 500 - 500 = 0

If there is a Long Term Capital Loss, it would be reflected as a negative value in Schedule 112A and total loss would be reflected in Schedule CYLA. Here is an example:
Units = 10
Sales Price per unit = 50
FMV per unit = 70
Purchase Price per unit = 60
Cost of Acquistion as per grandfathering rule = 60*10 = 600
Thus, LTCG = Sales Value - Cost of Acquisition = 500 - 600 = -100

Hope this helps :slight_smile:

You can also import your trades onto Quicko and we will set off losses and Capital Gains/Losses for you.