Return filing time, how does one fill the LTCG in ITR2, i was thinking of putting the consolidated figures ,from ICICI direct(sale value and purchase value), however there are two more rows which are mandatory .Therefore it is not accepting . cost of acquisition if it was acquired before 01.02.2018 a. fair market value of asset as per section 55(2)(ac) b. full value of consideration
It does not allow to fill individually for each transaction also.
Any thoughts on someone who has filled up,
Hi @biju_john,
In ICICIDirect,
Home-> Portfolio&Statements -> Statements And Reports -> Capital Gain -> âView Capital Gainsâ
We get both the short term and long term capital gains made in the year. Click on âView Detailsâ. Weâll see that they have considered âPrice as on 31st Jan 2018â in their calculations of âIndex costâ. Iâm thinking that this is all that we need while filing our returns.
We might have done multiple trades, but there is provision to fill only one entry in ITR2. The consolidated statement cannot be entered. After a lot of search, i believe this is a lacunae in the form and one can get over it so that the consolidated value is matching with the consolidated LTCG for all trades from ICICIDIRECT by filling sort of dummy values. Once you go through the capital gain sheet you will understand what iam talking about. or wait for the government to rectify so that all trades can be entered. Some trades might have considered the original purchase price, some might have considered the price on 31st jan 2018 and some might have considered the sale price, effectively rendering the consolidated statement quite useless to fill the details
Please check this link:
Update 15th June 2019: Revised forms are now available with this note: In case of long term capital gains (LTCG) arising on sale of equity shares or unit of equity oriented fund or unit of business trust on which STT is paid, separate computation of capital gains should be made for each scrip or units of mutual fund sold during the year and aggregated amount should be provided in item No. B4 (ITR 2)/B5( ITR 3) (in case of residents) or item No. B7 (ITR 2)/B8(ITR3)(in case of non-residents). The Utility has been updated and relevant validation rules are relaxed.
Their is still Miss calculation in case where any item u sell at long term loss or case when any item where long term taxable profit is zero due to fair market value on 31st jan being higher then sale price. In both case one will get distorted calculation.
Any member who calculate it personally will get more proper idea. I wonât be able to explain it.
Java utility for ITR2 version PR1.4 dated 14/06/2019 does not show long term capital loss instead it displays zero.
This needs a correction for Income tax department.