Thanks, this helps. Are there any other fund structures in India with similar kind of exemptions?
In ITR2 for AY 2021-22 I understand Equity LTCG is filed in Section 115A. Questions -
- Where should I file LTCG from Debt mutual fund (Franklin Templeton)
- Is STCG from Debt Mutual Fund (Franklin Templeton) to be clubbed with the Equity STCG?
Appreciate your response.
Thanks!
Hi @sxgupta ,
In ITR 2, Equity LTCG on which STT is paid is taxable u/s 112A.
-
LTCG from debt mutual fund should be filed under “Schedule CG-From Sale of assets other than all the above listed items-Long Term Capital Gain”
-
STCG from Debt mutual fund shouldn’t be clubbed with Equity STCG. It should be filed under “Schedule CG-From Sale of assets other than all the above listed items-Short Term Capital Gain”
Hope it helps!
Hi @d.r ,
Yes, there are various institutions set up under different statutes which are exempted from income tax u/s 10 of Income Tax Act 1961.
You can refer to section 10(23), 10(23A), 10(23A), 10(23AA) etc. which provides similar exemptions.
If you want to know whether a specific fund structure is exempt or not, you can mention the name, I can help you with that!
Hope it helps!
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Thank you! Appreciate your help!
Please let me know if the the heads I have used for the following are correct -
- IRB Invit Bond Interest (Other Income)
- Power Grid Dividend (Dividend)
- Sovereign Gold Bonds Interest (other Income)
Regards
Hey @sxgupta, you have used the right heads for the particular income sources you have mentioned.
Thank you for your prompt response!
My loss in share market in individual PAN . 5 lakhs.
My profit in share market HUF . PAN . 1 lakh.
My profit in share market in LLP . PAN . 3 Lakhs . (my share in LLP is 50%) .
My query is : can i setoff my loss in individual PAN with the profit in HUF and LLP ?
Hi @HIREiN
Individual, HUF, LLP, each of these is a separate legal entity with a unique PAN. You cannot set off loss incurred on one PAN against profit earned on another PAN. The income or loss must be correctly reported in the Income Tax Return for the relevant entity in the relevant financial year.
If Suppose my income details are as follows:-
STCG on Equity Shares(Zerodha):- 85000
LTCG on Equity Shares(Zerodha):- 500
Domestic Dividend Income(Zerodha):- 3000
Interest on Saving Accounts:- 500
Intraday Trading Income(Zerodha):- 50
STCG on Other Assets(ex-crypto):- 10000
And no any other income than above…
Then,
- what will the amount of tax i have to pay?
- Am i able to use exemption limit as i am a resident and under 60?
- How will my tax be calculated?
Please!!!Help…
Hey @MAYANK_MADHAV
-
Calculation of Tax
STCG = 15%
LTCG = Exempt upto 1 lac
Other Incomes = Slab RatesThe total income is less than the basic exemption limit. Thus, there is no tax liability.
Fill in your income details to calculate your income tax -
https://tools.quicko.com/income-tax-calculator/
- Exemption Limit for Resident - Yes. Since you’re a resident, you can avail the benefit of basic exemption limit.
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16 posts were split to a new topic: ITR filing and clarifications on capital markets income
Are capital gains from the equity market taxed separately even though income from the other four heads (i.e., salary, business/profession, house property, and IFOS) falls below Rs 2.5L in a financial year?
Or,
All heads’ income is summed up and taxed according to the slab rates?
Hi @SAAD625
Capital gains from equity market trading are taxed under “Income from Capital Gains” at the applicable rate.
If your total income from all five heads of income is below 2.5 lakhs in a financial year, then it is taxable at nil rate, ie, no tax is payable.
Hope this helps.
I am looking for my computation report (computation of tax) for FY21-22, which was filed by a tax expert in quicko. Am unable to find it in the quicko platform and neither on the incometax portal, despite following instructions in both these. Please would someone help how I can get this?
thank you,
S
Hey @koppis ,
After you login your account on the IT website, you can select E-File >> Income Tax Returns >> View Filed Returns. See following image:
Under assessment Year 2022-23 (i.e: financial year 2021-22) you can select Download Form (which allows you to download the Income Tax Return filed (which is what I think you are looking for 
).
See below image:
Download receipt allows you to download Income Tax Return Acknowledgement which is just a one-page summary of total income declared, tax deductions, taxes paid etc.
Hi @koppis
Here’s how you will be able to View Past Tax Returns : Help Center on Quicko.
And as rightly explained by @radhesh23k, following those steps you will be able to access your past returns filed from the Income Tax portal.
@Surbhi_Pal I would like to know few things about captial gain taxes. If someone has only income from capital gains ie. Short term gain 3L and Long term gain 2.25L. Apart from this income, no other incomes. So if l’m not wrong upto 2.5L no IT under Old Regime & Nil upto 7L under New Regime - sec/87*. How about income taxes will be calculated for this situation.? Should pay 20% for STCG and 12% for 1L for LTCG or no tax upto 7L*
Hi @cancerpearl
Under old regime you can get rebate u/s 87A for taxes on all income including the capital gains. However, under new regime the rebate is applicable only for tax on incomes chargeable at normal rates and thus even if the income is less than 7 Lakhs but consists of only capital gains, then tax needs to be paid as per the applicable tax rates.
Hope this clarifies. For further clarification, please connect with me on Instagram @FinTaxSnippets.
Thanks,
CA. Pulkit Garg
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@garg.pulkit131 Sir, Thank you for your valuable inputs. How to avoid this tax if i choose new regime. someone was saying you could show your capital gains as trading business income. Is it possible.