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73-Year-Old Pensioner Asks: How to Show LTCG in ITR-1?

Mihir Tanna |990 Answers |Ask -Follow

Tax Expert - Answered on Jan 20, 2025

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Question by arun on Jun 17, 2024Hindi

I am 73 years old getting central gov. pension filing ITR-1 since long.in FY 23-24 i had rs. 339000/- LTCG in sell of equity share +MF. my tax fall within 20% in old regime . My humble query is how i show the LTCG income in ITR-1 in absence of any specific column further, in such case do i have to pay tax on the LTCG income @20% instead of @10%. pl. suggest your expert view.

Ans: In case of Income from capital gain, you are required to file ITR 2

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I am 57 years old. I lost my job in March 2020, hence had no income in FY 20-21. So I sold some of my long term mutual funds (for the first time in my investment tenure) in which I gained some LTCG amount after grandfathering, over and above the Rs 1 lakh exempted limit. Also, I have withdrawn my full EPF amount. The following are my queries: 1. Which ITR form needs to be filled? 2. How to show taxable amount in ITR? Only the amount needs to be shown or complete calculation needs to be shown with grandfathering NAV? 3. Where to show EPF amount withdrawn? 4. Is taxable amount above Rs 1 lakh also to be shown as income from other sources?

Ans: To answer your questions:

1. ITR 2, since you have capital gains from mutual funds.

2. The ITR would have a separate schedule for capital gains in which the details would need to be filled.

3. The EPF withdrawn should be shown as part of exempt income under Section 10(12) of the income tax return in case of recognised provident fund.

4. Your question not clear. If you are asking about the gain on the sale of your equity shares, you need to show it under income chargeable under the head -- capital gains.

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