I have 2 queries relating to LTCG on sale of shares.
As per my Schedule 112A of ITR-2 there is a LTCG of Rs 4000 from sale of equity shares.
I notice that it has been set off against the LTCL carried forward from past years entered by me in Schedule CFL. This set-off has been made even though LTCG up to Rs 1 lakh is tax free. So my LTCL stands reduced by 4000 Rs.
Is this the correct treatment of LTCG from sale of shares?
Should not the entire 1 lakh tax-free gains available in current year be exhausted first, before setting off against past years losses?
What is the treatment of LTCG on sale of shares bought after 1-Apr-2018? Where should it be entered in ITR-2?
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