Major Change in Schedule CG (Capital Gain) for returns of Assessment Year (AY) 2020-2021

Long term Capital Gain on Listed Securities on which STT has been paid was exempt under section 10 (38) of Income Tax Act (Up to Assessment Year 2018-2019)

W.E.F. Assessment Year 2019-2020, Long term Capital Gain on Listed Securities on which STT has been paid is taxable @10%.

Now we will check the details which were required in Assessment year 2019-20 for entering the details for Above mentioned Transactions, earlier we have to make our own computation and enter consolidated details in respective fields in Schedule CG.

Detailed transaction in Schedule 112A or Schedule 115AD(1)(b)(iii ) proviso were optional in Assessment year 2019-20.

Detailed transaction in Schedule 112A

Detailed transaction in Schedule 112A Image 2

In the current Assessment Year 2020-21, requirement related to above mentioned transactions has been changed significantly.

Now we have to enter each Shares detail in Schedule 112A or Schedule 115AD(1)(b)(iii ) proviso and from their these details will come Automatically in Schedule CG (Long Term Capital Gain) Point no. 5 or 8.

Shares detail in Schedule 112A

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  1. NIDHI says:

    there is no field for claiming exemption of Rs. 1 lac. So i guess the schedule of 112a is to be filled only if ltcg exceeds rs. 1lac. else show in exempt income.

  2. Chinmay Mulay says:

    Thanks for the vital information.
    I would like to clarify that Schedule 112A needs to be filled up only for those securities which were purchased prior to 1st Feb 2018.
    Long term capital gains on any securities purchased after this date would be governed by Section 112 and not 112A.
    Thanks. Stay safe.

    1. Monty says:

      Even for those shares purchased before this date and the capital gains is less than 1 lakh there is no way to enter the exemption(exclusion) , so it is probably presumed one has not to enter anything if LTCG from listed securities is less than 1 lakh.Nidhi has pointed this out rightly.

  3. Krishnakumar says:

    Initially in AY2019-20 return format also Schedule 112A was kept compulsory. After a lot of hue and cry, it was made optional. It is practically very time consuming and laborious to fill up details of capital gains of each scrip of shares / unit of mutual funds including ISIN which is almost impossible. While the stated objective is to make filing return simple and easy, the forms are made as complex and difficult as possible in reality.

    1. Tax2earn says:

      Yes, you are absolutely correct because schedule 112A was introduced in A.Y 2019-20 only and there were many problems faced by consultants in filing returns related to long term capital gains on which STT has been paid.
      Department has issued many intimations also for not filing details in schedule 112A but later they revoked those.

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October 2020