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Anil Rego | Answer |Ask -Follow

Financial Planner - Answered on Dec 10, 2021

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Question by Satyaprem on Dec 10, 2021Hindi

Money

I went through the number of queries you have answered and found it very useful. Appreciate it.

I have a query regarding the Long Term Capital Gains for mutual funds.

From the mutual fund website, I have downloaded the capital gains statement for one of my mutual funds.

However, I am a little bit confused regarding the LTCG amount which I should declare in my ITR-2.

Under Section C, the 'long term without index' is Rs 16,714.55. But when declaring LTCG, I have to mention 'Indexed LTCG' based on the year of investment.

Please let me know how I need to calculate this amount. Should the indexed LTCG amount be declared in ITR-2 or Rs 16,714.55?

If indexed LTCG has to be declared, why is that mutual fund AMC do not provide it in the statement?

I once again thank you for your time.

Ans: Since you have not provided details of the underlying transaction, it is difficult to accurately respond.

It is likely that the capital gains are from an equity fund. It may be noted that there is no indexation for capital gains from equity which is why the report captured it as 'long term without indexation'.

Indexation is applicable only if capital gains are from non-equity funds.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I redeemed by Equity MF's in this FY (2022-2023) after helding more than 5 years. Capital Gains is around Rs 1,50,000. My consfusion is whether entire 150,000 would be taxable under LTCG or Rs. 50,000 be taxable as there is exemption upto Rs. 1 Lakh ? Please give proper clarification.

Ans: As per the current tax laws, long-term capital gains (LTCG) from equity mutual funds are taxable at a flat rate of 10% on gains above Rs. 1 lakh in a financial year. So, in your case, since your LTCG is Rs. 1,50,000, the taxable amount would be Rs. 50,000 (i.e., Rs. 1,50,000 - Rs. 1,00,000).

Please note that the exemption of Rs. 1 lakh applies to the total LTCG from all equity-oriented mutual funds that you have sold during a financial year. So, if you have already sold equity mutual funds earlier in this financial year and claimed the exemption up to Rs. 1 lakh, then the remaining gains would be taxed at 10% above the exemption limit.

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Asked by Anonymous - Apr 11, 2024Hindi

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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.

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i have two mutual funds, Rs. 12 lacs in Nippon India Small cap fund direct (against investment of Rs. 3.14 Lacs) and Rs. 5.70 Lacs in Kotak Flexicap Fund Direct (against investment of Rs. 2.49 Lacs). In both funds I have made lumsum + SIP from year May 2017 to May 2022. Then I have stopped. Now I want to withdraw from these funds and invest money in Property. Please guide what will be LTCG obligation for me if I withdraw, secondly since I am reinvesting this money in Property do this will exempt me from LTCG. Please suggest.

Ans: (12-3.14)+(5.70-2.49)
8.86+3.21
=12.07 Lacs is your LTCG

Section 54 F of Income tax act allows you to invest LTCG from other then property assets to buy real estate but there are some conditions regarding timeframe and ownership of number of houses.

For detailed clarity from legal point of view it is advisable to seek support from a tax advisor/CA.

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Dear Mr. Ramalingam, I have a query regarding STCG and LTCG received from NON-EQUITY mutual funds in FY2024-25. Under which ITR and under which section / paragraph of ITR, both these should be filed?

Ans: For FY 2024–25, STCG and LTCG from non-equity mutual funds are to be shown in ITR-2 (since they’re capital gains and not business income).

Short-Term Capital Gains (STCG): Schedule CG → Section A2 – From assets other than equity mutual funds.

Long-Term Capital Gains (LTCG): Schedule CG → Section B2 – From assets other than equity mutual funds.

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www.holisticinvestment.in

https://www.youtube.com/@HolisticInvestment

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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