ITR Help needed- LTCG being taxed?
Heyy folks, will be highly thankful for any clue. I am entering LTCG of just 59K, and yet ITR starts charging 20% tax on it. I have already tried entering it in different-different sections, but nothing worked. Now, I am thinking to delete the current saved form and start all over again, just in case it is some temporary issue on their side with their serve side caching? Where exactly the LTCG needs to be entered that, that 1 lakh exemption is obtained?
CommonSensei
Stealth
a year ago
Hope you are using ITR 2 under the relevant section. LTCG is only applicable to movable assets, like MF, if more than 3 years have passed. Else it would be charged under STCG.
Yes I am using ITR2 only. And I had filed it last year too. But now sure what is going wrong this year, it just keeps adding tax on LTCG of 59k toođ€
Oh No, I just realized that last year too the tax was deducted on LTCG. So I filled it wrong last year as well, hope I can still file corrections. Need to learn this ITR 2 and fill for both years nowđ„Č
See more comments
Just use cleartax. Use all the connections to import zerodha, CAMS, Karvy etc statements.
In the end when the draft is ready and you don't wanna pay, just use the draft to fill the required fields on IT website directly.
Oh Great, thanks I will try that if it doesnât work with one more attempt. Actually I had thought of this, but was too lazy to make an account on clearTax. I had filled ITR last year too with LTCG, not sure how it was done that time. Now in that record I donât see any tax.
Apradh
Stealth
a year ago
This will help you with a discount on clear too https://cleartax.in/s/partner-descrypt
After fixing the issue, now IT website gave me headache. It asked me to pay some tax, I paid, and after payment it just is unable to take me back to submit page. It just forgot that I paid tax.
Finally, this too was resolved. I had to mention the tax paid manually in the form. Ahh, what a tough annual exercise it is. Thanks everyone, your comments really helped.
CommonSensei
Stealth
a year ago
If you made the payment through net banking, it would take a couple of hours max to update. Once it took a whole day only the next day it was reflected on the portal. That's just the way NEFT works sometimes.
See more comments
Shawnmendes
Stealth
a year ago
How to connect
See more comments
Might not be registered. 20% rate only kicks in then without exception
See more comments
Greatusername
Stealth
a year ago
20% will be for debt funds. Check the fund details
Discover More
Curated from across