Hello Sir,
I am filing tax return and got a problem.
The new LTGC tax is applicable for shares sold on or after 01-Apr-2018.
Not sure why the Java Utility for tax filing ITR-2 AY 2018-19 is deducting 10% tax from my total LTCG?
Also the full amount is taxed not just the amount exceeding 1 lac.
If my LTCG is 124000 then,
A. As it belongs to year 2017, there should be "No Tax" on it B.
It is taxing full amount (if applying new rules). i.e. instead of 24000, the full 124000 is taxed at 10%.
I am filing long-term gain return for the first time.
Please help what to do.
Thanks,
Vishwanath Patel