Capital Gain on Shares? Wait Few More Days Before Filing Income Tax Returns

With the Income Tax (I-T) department changing the method for calculation of capital gains tax, taxpayer are being advised not to file returns in a hurry and wait for few more days.

In a notification displayed on I-T e-filing site, the department says, “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 securities transaction tax (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) or B5( ITR 3) (in case of residents) or item No. B7 (ITR 2)/B8(ITR3)(in case of non-residents).”
At present, capital gain is calculated based on consolidated value of share. However, the I-T department is planning to tax through individual scrip comparison method.
The notification from the department says it has updated the utility (for uploading returns) and relaxed relevant validation rules.

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