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?
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 too🤔
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 now🥲
What fund is it? For unlisted funds the limit doesn’t apply
Equity based Mutual Fund- ELSS plus one more.
Might not be registered. 20% rate only kicks in then without exception
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.
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.
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 doesn’t 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 don’t see any tax.
This will help you with a discount on clear too https://cleartax.in/s/partner-descrypt
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