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.