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I-T returns to have pre-filled mutual fund gains information?

I-T returns to have pre-filled mutual fund gains information?

NEW DELHI: From next year, you may not have to fret about calculating the capital gains tax liability while filing tax returns. The revenue department is in talks with the Securities and Exchange … Continue reading at

Mutual Funds

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Mutual Funds

* Follow the below steps to fill the LTCG (Long Term Capital Gains) for land:
Go to “Long-term capital gain (LTCG”
Go to the section “From sale of land or building or both”
Enter the “Full value of the consideration received/receivable”
Enter the “Value of property as per stamp valuation authority”
Enter the “Cost of acquisition with indexation”
Indexation would be covered at the bottom of this page.
Enter the “Cost of Improvement with indexation”
Enter the brokerage or any in “Expenditure wholly and exclusively in connection with transfer”

Example of Taxation On Long-Term Capital Gains (Real Estate):
?Mr. X bought a plot of land for Rs.10,00,000 in the year 2005. After 10 years had elapsed, in January 2015, he sold off his land for Rs.30,00,000.
Cost Inflation Index
CII = (Index for financial year 2014-15) / (Index for financial year 2005-2006)= 1024/480 = 2.13
?Indexed cost of purchase = CII x Purchase Price = 2.13 x 10,00,000 = 21,30,000
?Long-term capital gain = Selling Price - Indexed cost
= 30,00,000 - 21,30,000 = Rs.8,70,000
?Tax on capital gain = 20% of 8,70,000 = 1,74,000

For filling ITR2 form check out this blog

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Mutual Funds

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