I am filing my ITR using form 3, (having income from Profession – ‘Accounting and book keeping services' as per section 44AA, I don't have to maintain books of accounts. I have CFL - STCL and LTCL). As required, I have attached the PDF file for the query.

I have again used the Offline utility version: 1.0.17, and have only one point unresolved, which is not getting the correct offset of LTCG for current year, FY 2020-21 which is only Rs.27,539.00 (Current year STCL: 89.00 and LTCG is Rs.27628.00). This Capital gain falls under the category of Section 112A and the MF were acquired after January 2018. As per the provision of Income tax, there is an exemption up to Rs.1,00,000.00 is available, which is not being computed by the utility. Utility is offsetting this profit against CFL of earlier years instead of providing exemption in current year. Kindly guide how to proceed with this?

I have brought forward LT capital loss (LTCL) amount which can be set-off against the current year's LT capital gain (LTCG) against sale of equities. The LTCL is in excess of my current year's LTCG. The income tax site is automatically setting off the full LTCG for the current year against my brought forward LTCL. However, LTCG to the extent of Rs 1 lac is in any case exempt from tax as per section 112A. So the automatic set off of the LTCL against the LTCG should be to the extent of the amount of LTCG in excess of Rs 1 lac. As this facility is not permitted by the current software (I have not been able to locate it), could you please advise me how to proceed in this regard.

Good Morning. I am a fan of yours and read you severally on Rediff replying queries of various Tax Problems. Sir, now I have a tax query and earnestly request you to resolve that which is as follows: My query is: I booked an under construction flat worth Rs.45.00 lacs which is scheduled to be ready for procession in year F.Y.2025-26. Now I sold shares worth Rs. 10,00,000/- and total amount paid to builder in F.Y.2022-23. Out of shares sold my LTCG IS Rs.700,000/-. Can I claim exemption for LTCG to that amount only which is given as advance in corresponding year? Again in F.Y. 2023-24 I will pay Rs.20,00,000/- by selling shares and LTCG of Rs.10,00,000/-. Can I claim Exemption for LTCG? Same process will happen in next 2 F.Ys. till procession of my new Flat. Can I claim exemption on LTCG on sale of shares in each financial year? Please also guide to fill ITR also for claiming above exemption in parts.

Sir, I am above 80 yrs. I understand that LTCG is exempt upto Rs.1L. Yet while filling my ITR-2, it is taken at the full value, even though my total income is below 5L, & LTCG is below 1L.

Respected Sir, I invested in ICICI PRUD MF Rs. 40000 on 30-11-2005, and purchased NFO units (NAV=10, No. Of Units= 3911.980) after a gap of nearly 18 Years, in the month of August 2023, I made redemption request for all units for all units, and received Rs. 416799 with TDS deducted Rs. 6925. While Filing current IT RETURN, you are requested to guide me under which income head i have to show this said amount, and whether i have to pay tax liability on whole amount , any exemption therein. Regards

Hi, I had made an investment in purchase of an office block at Rs.97,50,000/- in Navi Mumbai in February 2017, when the market value was Rs.74,00,000/- and I sold it for Rs.1,10,00,000/- in Februay 2024, when market value was Rs.90,00,000/- The expenses incurred in stamp duty & registration while buying it was Rs.6,50,000/- & Rs.4,00,000/- on improvement. While filing my ITR2, I have filled-in the relevant information under "CG" and the system is now showing that I have made a profit of - (minus) ~Rs.30,00,000/-, apparently considering the 7-year indexation. IncomeTax system is allowing me to to carry forward this loss (CFL) to next year. My question is: Can I use this minus tax liability for my LTCG during next year? I must also mention here that I had earned a rental income of Rs.52,00,000/- during these 7 years on which I have paid taxes each year. Grateful for your confirmaton.