My net capital gain ,as provided by HDFC ( calculated grandfathering gain/loss on j31 an 2018) is Rs 12500.I usually use cleartax for filing tax and they have added this amount for calculating my tax (10% of LTCG).But i read in many articles that gain above 1 lakh will be subjected to LTCG,but my gain is only 12500.Is it correct method of calculating LTCG. please reply...
Dear Sir,
If you had invested in equity mutual funds or shares before 31 January 2018, any gains till that date will be considered as grandfathered and thus will be exempt from tax.
There will be no tax liability ob the same.
It is not a correct method to calculate the LTCG.
pls note that calculation is correct..my qn is specific..i got net gain as Rs 12500..as the net gain is less than 1 lakh ,do i need to pay 10 percentage LTCG
No, you don't need to pay 10% LTCG.
No sir clear tax might be having some issues with their software I don't know what but if your gain is below 1 lakh and it's from listed securities and equity oriented fund then you are not required to pay any tax.
I would suggest you to hire a CA and I can help you in filing your ITR.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
Hi
First the calculation needs to be done. If total capital gains are in excess of 1 lac, then only tax liability arises.
The computation has not been done correctly.
We would not comment on how online return filing sites work. It is advisable to connect with someone personally.
The return needs to be revised.
As the LTCG is less than Rs.1 lacs therefore no tax. Please take the help of an expert for filing ITR.
Hello Sir,
No, you dont need to pay LTCG tax as your gain is below than Rs 1 lakh.
We may help in return filing.
Hello,
If the capital gain is below Rs. 1 Lakh, you are not required to pay 10% LTCG.
Kindly consult a CA personally for return filing.
I hope this answer satisfies your requirement.
Regards,
CA Hunny Badlani
