Am a senior citizen and pensioner. For FY 2023-24, i have to, may be, pay LTCG from equity mutual fund sale. 2.76 lacs received as sale proceeds. Statement provided by fund house shows '0' tax with indexation and 1.30 lacs without indexation. Out of the sale proceeds i have reinvested 1.00 lacs in ELSS fund. What will be my tax amount and which I. T. Return form should be used. Thanks n Regards

Ans: Based on the information you've provided, it's likely you won't have any LTCG tax liability for FY 2023-24. Here's why:

Sale proceeds: Rs. 2.76 lakhs
Reinvestment in ELSS: Rs. 1.00 lakh
ELSS (Equity Linked Savings Scheme) investment qualifies for deduction under Section 80C of the Income Tax Act. Up to Rs. 1.5 lakh invested in ELSS can be deducted from your taxable income.

Taxable LTCG (if any): Sale proceeds (Rs. 2.76 lakh) - Reinvestment (Rs. 1.00 lakh) = Rs. 1.76 lakh (assuming no indexation benefit for simplicity).
However, since your ELSS investment is Rs. 1.00 lakh, which is more than the potential taxable LTCG of Rs. 1.76 lakh, your entire LTCG might be exempt under Section 80C.

Tax implication: With full exemption under Section 80C, you likely won't have any LTCG tax to pay for FY 2023-24.

IT Return Form:

Considering the potential for minimal or no taxable income, ITR Form 1 (Sahaj) might be suitable for you. However, it's always best to consult a tax professional for confirmation based on your complete financial picture.

Disclaimer: This is a simplified analysis based on the information provided. Consulting a registered tax advisor is recommended for personalized advice considering your specific tax situation and any other income sources you might have.