To Show Long term gain from Mutual fund in ITR?

Q & A Forum › Category: Mutual Funds › To Show Long term gain from Mutual fund in ITR?

Anchit Jain asked 8 years ago

Hi Sreekanth, Do we need to show the long term gain (Units redeemed after 1 year from Equity funds which are tax free) in ITR? Though its tax free so my assumption is no need to show but wanted to confirm to avoid any issues later? Regards, Anchit

2 Answers

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Sreekanth Staff answered 8 years ago

Dear Anchit, Your understand of LTCG on Equity funds/Shares is tax-exempt, is correct. However, it is advisable to disclose this income under 'Exempt income' column of relevant ITR. For example : In ITR-1, a tax assessee can report LTCG income in Part-D - Exempt Income section - u/s 10 (38).

anchitjain26@gmail.com replied 8 years ago

Thanks a lot, Sir (Y)

Anchit Jain replied 8 years ago

How can i generate that statement which i can show in ITR in Exempt income section?

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Sreekanth Staff answered 8 years ago

Hi, Are you referring to Capital Gains statement? That you can get it from your broker/online investing platform/AMC/R&T agent like CAMS portal etc, Suggest you to kindly go through below article @ https://www.relakhs.com/mutual-fund-consolidated-account-statement/