Hey folks, we have specifically created this thread to respond to any queries you have regarding importing your trading data from CAMS! Meanwhile, you can check out our support content on how you can import your trade data using Quicko’s Tax P&L Template:
Is there any support for uploading the CAMS Capital Gains xls directly in to QUICKO?
or when do you folks plan to release such feature?
Hey @Abdul_Raquib, we are currently working on such features and plan to release them in the near future. You can sign up at Quicko to receive updates related to the product.
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In the Capital gains statement in Excel format downloaded by me from CAMS, STT has not been levied on certain redemptions.
For example, STT has been levied on redemption in HDFC Flexi Cap Fund - Direct Plan - Growth Option, ISIN : INF179K01UT0 made on May 22nd, June 19th 2020 and July 28th 2020 but NOT levied on redemption made on July 15th and 20th.
What is the reason for this and how to treat such redemptions?
Also, do I need to disclose mutual fund redemptions in Schedule 112A transaction-wise or will a scheme-level disclosure be sufficient?
Redemption of mutual funds is treated as sale of capital asset and therefore, capital gains arises. Since HDFC Flexi Cap Fund - Direct Plan - Growth Option is an Equity Mutual Fund, redemption of units held for more than 12 months would be treated as LTCG & held for less than 12 months would be treated as STCG in the ITR. Transfer expenses other than STT can be claimed against the income.
You can read more about tax on equity mutual funds here - Tax on Equity Mutual Funds Investment in India - Learn by Quicko
If equity mutual funds were bought after 31.01.18, you can report aggregate data under Section 112A. However, if the equity mutual funds were bought upto 31.01.18, you must report individual trades under Section 112A for accurate calculation of LTCG based on the grandfathering rule. You can read more about it here - Long Term Capital Gain Tax on Shares - Learn by Quicko