Your Queries – Income Tax: Give scrip-wise details in ITR to calculate long term capital gain

The resultant capital acquire shall be delivered to tax accordingly.

By Chirag Nangia 

I had bought shares of 1 agency in 2016 and once more in 2018. Now I’ve offered each on March 31, 2021. If I take the grandfathered worth of shares held in 2016 individually with some shares of the identical firm bought after 2018 and calculate long run acquire/ loss, the result’s long-term capital loss. If I don’t take into account grandfather-ed worth of shares held in 2016 and calculate with shares bought after 2018, then the result’s long run acquire. Can I nonetheless use the grandfathered worth of date 31/3/18 or not for calculation?
—Vikas
Vide Price range 2018, long run capital acquire on sale of fairness shares and items of mutual fund was made taxable and it was stipulated that such features, in extra of Rs 1 lakh could be taxed on the charge of 10%. Nevertheless, with a view to shield the investor pursuits, features as much as 31 January 2018 have been grandfathered. So, grandfathering provisions apply to all of the shares acquired earlier than January 31, 2018.

For fairness shares and fairness mutual funds bought on or earlier than thirty first January 2018, the Value of Acquisition shall be larger of—(i) the price of acquisition of such asset; and (ii) decrease of—(A) truthful market worth of such asset; and (B) sale consideration of such asset.

The Revenue Tax Return type requires the taxpayers to supply scrip-wise particulars in schedule 112A with respect to LTCG arising from the sale of shares or items. You shall subsequently should make separate disclosure for shares/ items bought in 2016 and 2018 and offered in 2021. The resultant capital acquire shall be delivered to tax accordingly.

I bought a residential plot in 2013 and offered it in 2020. How a lot do I’ve to put money into one other residence to save lots of capital acquire tax?
—Shashi J Gupta
Any acquire on sale of a plot of land could be claimed as exempt below Part 54F, if web consideration is invested in buy of 1 residential home property. To assert such an exemption, the brand new home property needs to be bought inside one yr earlier than or two years after the date of switch of capital asset or constructed inside a interval of three years after the date of switch. Exemption just isn’t permitted in the event you personal multiple home on the date of switch of the plot, or if you buy/ assemble one other inside one/ three years from switch of unique asset.

The author is director, Nangia Andersen India. Ship your queries to fepersonalfinance@expressindia.com