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Section 112A: Tax on Long Term Capital Gain on Shares

Section 112A: Tax on Long Term Capital Gain on Shares

by | May 1, 2024 | Income Tax

Important Keyword: Section 112A, Capital Gains, Equity Trading, LTCG, Mutual Fund, Schedule 112A, Section 112A, STT, Trading Income.

Section 112A: Tax on Long Term Capital Gain on Shares

Before the financial year 2018-19, investors enjoyed a tax exemption on long-term capital gains from equity shares and mutual funds under section 10(38) of the Income Tax Act. However, the landscape changed significantly with the introduction of a new provision in the 2018 Budget by the Finance Minister. The previous exemption was revoked, and a new regime was implemented, impacting the Indian equity market.

Under the current tax structure, long-term capital gains arising from the sale of equity shares, equity mutual funds, and units of business trusts are now taxable under section 112A of the Income Tax Act. These gains are subject to taxation if they exceed the specified threshold.

This amendment marked a significant shift in the taxation of equity investments, compelling investors to reassess their investment strategies and tax planning approaches.

What is Section 112A?

Section 112A of the Income Tax Act deals with the taxation of long-term capital gains resulting from the transfer of specified assets such as equity shares, equity mutual funds, and units of business trusts. Under this provision, investors are liable to pay a flat tax rate of 10% on such gains. However, this tax is applicable only if the total capital gains amount exceeds INR 1 lakh in a financial year.

This section introduced a uniform tax rate for long-term capital gains on specified assets, simplifying the tax regime and providing clarity to investors regarding their tax liabilities.

Section 112A: Grandfathering Rule to Calculate LTCG on Shares

Traders who previously benefited from tax-free Long Term Capital Gains in equity markets now encounter a 10% LTCG tax introduced on February 1, 2018. To mitigate this impact, a grandfathering formula is implemented to exempt capital gains earned until January 31, 2018, for investors holding equity shares and mutual funds at that date.

For equity shares and equity mutual funds acquired on or before 31/01/2018, the cost of acquisition is computed as follows:

  1. Determine the Lower of Fair Market Value as of January 31, 2018, or the Actual Selling Price.
  2. Select the higher value between Step 1 and the Actual Cost Price.
EXAMPLE
ParticularsCase ICase II
Purchase Date 1st Jan 201810th Feb 2018
Purchase Value (INR)2,00,0002,00,000
FMV as of 31st Jan 2018 (INR)2,40,0002,40,000
Sell Date 10th Jan 202010th Jan 2020
Sale Value (INR)3,50,0003,50,000
Grandfathering rule applicableYesNo
Actual Cost *2,40,000 **2,00,000
LTCG = Sale Value – Actual Cost (INR)1,10,0001,50,000
ExemptExempt up to INR 1 LakhExempt up to INR 1 Lakh
Tax Liability (INR)1,10,000 – 1,00,000= 10,000 * 10%
= 1,000		1,50,000 – 1,00,000= 50,000 * 10%
= 5,000

*Note: The Actual Cost is utilized to calculate capital gains.

**Calculation of Actual Cost using Fair Market Value (FMV) (Case I)


Condition		Amount (INR)Qualifying Amount (INR)
Step 1Lower of
Actual Selling Price
OR
FMV on 31st Jan 2018		Lower of
3,50,000 or 2,40,000		2,40,000
Step 2Higher of
Value in Step 1
OR
Purchase Value		Higher of
2,40,000 or 2,00,000		2,40,000
Actual Cost2,40,000
Income Tax on Long Term Capital Gain

The tax rate for the investor is based on the nature of capital assets which are:

Capital AssetPeriod of HoldingLTCG
Equity Shares, Equity MF, ETFs, and Bonds of a Domestic Company listed on a recognized stock exchange in India12 Months10% over INR 1 lakh u/s 112A
Equity Shares of Domestic & Foreign Companies not listed on a recognized stock exchange24 Months20% with indexation
Debt Mutual Fund ( If purchased before 1st April 2023)36 Months20% with indexation
Immovable property such as land, building or house property24 MonthsImmovable property such as land, building, or house property
Car, Jewellery, Paintings, Art of Work36 Months20% with indexation
LTCG on Shares – Reporting under Schedule 112A of ITR

Taxpayers must report income from capital gains using ITR-2 and ITR-3 forms. Long-term capital gains on shares and mutual funds are reported under Schedule 112A of the ITR Forms. This schedule necessitates tradewise reporting of LTCG on equity shares and equity MF acquired on or before 1 February 2018. To calculate the LTCG according to the provisions of the grandfathering rule, reporting Schedule 112A is compulsory. Taxpayers can report this information in the Income tax utility under Schedule 112A as outlined below:

Set Off & Carry Forward LTCL u/s 112A of Income Tax Act

The loss incurred from the sale of listed equity shares and mutual funds held for more than 12 months qualifies as a Long Term Capital Loss (LTCL). Taxpayers can offset LTCL from one capital asset against LTCG from another capital asset. According to income tax regulations for setting off and carrying forward losses, LTCL can only be set off against LTCG in the current year. Any remaining loss can be carried forward for up to 8 years to be set off against future LTCG exclusively.

In cases where a taxpayer has income from the sale of some listed equity shares and securities, and a loss from others, only net gains exceeding INR 1 lakh are taxable at a rate of 10%. Additionally, the net LTCL under Section 112A of the Income Tax Act can be set off against LTCG from the sale of shares, securities, property, jewellery, car, or any other capital asset. Any remaining loss beyond this can be carried forward for up to 8 years.

Exemption from LTCG on Shares

Taxpayers who earn income from the sale of a long-term capital asset can avail themselves of a capital gain exemption under Sections 54 to 54GB of the Income Tax Act, provided they meet certain conditions.

This exemption allows taxpayers to reinvest the proceeds from the sale into a specified capital asset. By doing so, they can reduce their capital gains and consequently save on taxes. However, it’s essential for taxpayers to hold onto the new asset for the specified period outlined in the relevant section. If they sell the asset before this specified period, they must report it as income in the relevant financial year and pay tax at the applicable rate.

To facilitate this process, taxpayers have the option to open an account under the Capital Gains Account Scheme. This allows them to park the sale proceeds in the account until they are ready to invest in the specified asset and claim the capital gains exemption.

Read More: Income Tax on Mutual Funds

Web Stories: Income Tax on Mutual Funds

Official Income Tax Return filing website: https://incometaxindia.gov.in/

Income Tax on Bonds and Debentures

Income Tax on Bonds and Debentures

by | May 1, 2024 | Income Tax

Important Keyword: Bonds & Debentures, Capital Gains, ITR-2, Trading Income.

Income Tax on Bonds and Debentures

Governments and companies often resort to issuing Bonds & Debentures as a means of raising funds. Bonds are commonly utilized by governments to borrow money from the public, as they cannot directly take loans from individuals. On the other hand, companies issue debentures to gather funds from investors. These financial instruments serve as avenues for enhancing liquidity and bolstering working capital for both entities.

Meaning of Bonds and Debentures

Bonds

Bonds serve as financial tools issued by governments, municipalities, or corporations with the aim of raising funds. When an entity issues a bond, it essentially borrows money from investors who purchase these securities. In return, the issuer commits to repaying the bond’s principal amount at a specific future date, termed the maturity date. Additionally, the issuer agrees to make periodic interest payments, referred to as coupon payments, at a predetermined interest rate until the bond reaches maturity.

As fixed-income securities, bonds offer a reliable income stream through their interest payments. They are actively traded in financial markets and are generally perceived as safer investments in comparison to stocks due to their fixed income and lower risk of default.

Debentures

Debentures serve as financial instruments utilized by corporations or governments to secure funds. When a company issues debentures, it effectively borrows money from investors who purchase these instruments. Unlike bonds, debentures lack specific asset collateral from the issuing company, relying solely on the issuer’s creditworthiness for security.

Typically, debentures offer a fixed interest rate and have a designated maturity date. Upon reaching maturity, the issuer is obligated to repay the principal amount to the debenture holders. Debentures represent a popular avenue for companies to acquire long-term capital, often employed to support expansion endeavors or other corporate initiatives.

Types of Bonds and Debentures

There are various types of Bonds and debentures mentioned below:

BondsDebentures
Regular taxable bondSecured/Unsecured debenture
Tax-free bondsConvertible/Non-convertible debentures
Tax-saving bondsRedeemable/Non-redeemable debentures
Zero coupon bondsFixed-rate/Floating-rate debentures

Income Heads for Income from Bonds and Debentures

Capital Gains on Sale of Bonds and Debentures

When investors decide to sell or redeem their bonds or debentures, any resulting profits are subject to taxation categorized as Capital Gains. The tax rates levied on these gains are contingent upon the duration for which the assets were held.

Type of AssetPeriod of HoldingCapital Gains
Listed Bonds & Debentures<= 12 monthsShort-Term Capital Gains
Listed Bonds & Debentures> 12 monthsLong-Term Capital Gains
Unlisted Bonds & Debentures<= 36 monthsShort-Term Capital Gains
Unlisted Bonds & Debentures> 36 monthsLong-Term Capital Gains

IFOS Income from Bonds and Debentures

Interest income generated from bonds and debentures falls under the category of ‘Income from Other Sources,’ abbreviated as IFOS. This income is subject to taxation at slab rates. Moreover, if the taxpayer has incurred expenses such as commissions, fees, or remuneration to realize this interest, they can claim it as a deduction from the interest income.

However, interest income derived from tax-free bonds enjoys full exemption from taxation. Therefore, when filing Income Tax Returns (ITR), interest income from tax-free bonds must be reported under Schedule Exempt Income. Tax-free bonds are issued by public undertakings such as the National Highway Authority of India, Rural Electrification Corporation, NTPC Limited, Indian Railways, Indian Renewable Energy Development Agency, Housing and Urban Development Corporation, Power Finance Corporation, and Rural Electrification Limited.

Income Tax on Bonds and Debentures

Income tax on trading in bonds and debentures follows a similar tax treatment as other capital assets. The applicable tax rates are as follows:

Income Tax on Sale of Bonds and Debentures

Type of AssetCapital GainsTax Rate
Listed/Unlisted Bonds & DebentureShort-Term Capital GainsSlab rate
Listed/Unlisted Bonds & DebentureLong-Term Capital GainsFor Listed Bonds & Debentures:
10% without Indexation under Section 112

For Unlisted Bonds & Debentures:
20% without Indexation under Section 112

Please note that taxpayers cannot avail themselves of indexation benefits for Long Term Capital Gains (LTCG) on the sale of Bonds or Debentures. However, indexation benefits are applicable to Capital Indexed Bonds issued by the Government and Sovereign Gold Bonds issued by the RBI under the Sovereign Gold Bond Scheme, 2015.

Income Tax on Other Income from Bonds and Debentures

Interest income from Bonds & Debentures is taxed according to slab rates. Typically, interest on bonds is taxable, but interest income from tax-free bonds is exempt from tax.

Investors considering tax-free bonds should calculate the pre-tax yield before making investment decisions. To calculate the pre-tax yield, use this formula – ROI / (100-TR) * 100. (TR represents Taxable Rate)

For example, if tax-free bonds offer an interest rate of 5% and the investor falls into a 30% tax slab, the effective tax rate would be 30% + 4% Cess = 31.2%. Calculating the pre-tax yield would result in 5% / (1-31.2%) = 7.16%. This means that for an investor paying 31.2% tax, investing in a taxable bond with 7.16% interest is equivalent to investing in a tax-free bond with 5% interest.

Capital Gains Exemption under Section 54EC allows individuals who have sold Long Term Capital Assets such as land or buildings to claim exemption by investing in NHAI, REC, PFC, or IRFC Bonds. The amount of exemption will be the lower of the capital gain invested in bonds or INR 50 lakhs. This provision helps taxpayers reduce their tax liability.

When filing Income Tax Returns (ITR), investors must use ITR-2, which is specifically for reporting income from capital gains, as the sales or redemption income from bonds and debentures are treated as Capital Gains. The due date for filing ITR-2 is the 31st of July.

How to Report Income in ITR

When reporting gains or losses from bonds and debentures in the Income Tax Return (ITR), taxpayers must file ITR-2 and report them under the head “Income from Capital Gains.” In Schedule CG, the incomes or losses should be reported in the following sections:

For Short-Term Capital Gains-
For Long-Term Capital Gains-

In this section, enter the sales amount as the full value of consideration, representing the proceeds received from selling the bonds or debentures. Under the cost of acquisition, input the purchase value, indicating the original cost incurred to acquire the bonds or debentures.

Carry Forward Loss from the Sale of Bonds & Debentures

Let’s delve into an illustrative scenario involving Mr. Rahul, a salaried individual who ventured into investing in listed bonds and debentures during the fiscal year 2023-24. With a total annual salary income of INR 8,70,000, Mr. Rahul encountered a Short Term Capital Loss of Rs. 30,000 and a Long Term Capital Gain of INR 1,50,000 from his investment endeavors.

To fulfill his tax obligations for the fiscal year 2023-24, Mr. Rahul must file his Income Tax Return using Form ITR-2. Let’s break down his total income and tax liability:

  1. Total Income:
    • Salary Income: INR 8,70,000
    • Short Term Capital Loss: Rs. 30,000
    • Long Term Capital Gain: INR 1,50,000
  2. Tax Liability:
    • Mr. Rahul can set off his Short Term Capital Loss of Rs. 30,000 against both Short Term Capital Gain and Long Term Capital Gain.
    • For the remaining loss after set-off, he can carry it forward for up to 8 years to set off against future gains.
    • However, his Long Term Capital Loss can only be set off against Long Term Capital Gain, not against his salary income or Short Term Capital Gain.
    • Similar to the Short Term Capital Loss, any remaining Long Term Capital Loss can also be carried forward for 8 years.
    • By accurately reporting his capital gains and losses in his ITR-2, Mr. Rahul can ensure compliance with tax regulations and optimize his tax liability.
ParticularsAmount (INR)Amount (INR)
Income from Salaries8,70,000
Income from Capital Gains:
Short-Term Capital Loss(30,000)
Long-Term Capital Gains1,50,000
Total Capital Gains after set-off of losses
(taxable @10% without indexation)		1,20,000
Total Taxable Income9,90,000
Tax at Normal Rates8,65,00
Tax at Special Rate12,000
Total Income Tax98,500
Health and Education Cess @4%3,940
Net Tax Liability1,02,440

Read More: Capital Gains Account Scheme (CGAS)

Web Stories: Capital Gains Account Scheme (CGAS)

Official Income Tax Return filing website: https://incometaxindia.gov.in/

Capital Gains on Sale of Property & Land

Capital Gains on Sale of Property & Land

by | Apr 30, 2024 | Income Tax

Important Keyword: Capital Gains, Income Tax, Indexation, Sale of Property, Section 112, Slab Rates.

Capital Gains on Sale of Property & Land

In the realm of personal finance, individuals often amass various assets over time, ranging from real estate properties to stocks, jewelry, and more. These assets, collectively known as capital assets, are typically acquired with the hope of appreciating in value over time. However, it’s important to recognize that when individuals decide to part ways with these assets by selling or transferring them, they become subject to taxation on any gains realized from the transaction.

Capturing the essence of wealth management, this understanding of capital gains taxation underscores the financial responsibilities individuals face when navigating their asset portfolio. Through prudent financial planning and awareness of tax implications, individuals can effectively manage their investments while optimizing their financial outcomes.

Capital Gain on Sale of Property or Land

When an individual decides to sell an immovable property or land, it becomes essential to report the resulting income or loss as Capital Gains in their Income Tax Return. This step is crucial as it determines the tax liability that the individual must fulfill based on the applicable rate.

Capital Gain can manifest in two forms, each dependent on the duration of ownership of the capital asset:

Long-Term Capital Gain (LTCG): If the individual sells an immovable property or land that they have held for more than 24 months, any profit or loss arising from the transaction is classified as Long-Term Capital Gain (LTCG) or Long-Term Capital Loss (LTCL).

Short-Term Capital Gain (STCG): Conversely, if the individual sells an immovable property or land that they have held for up to 24 months, any profit or loss incurred is categorized as Short-Term Capital Gain (STCG) or Short-Term Capital Loss (STCL).

Income Tax on Sale of Immovable Property

The tax treatment of income derived from the sale of immovable property, such as land, buildings, or house property, aligns with the taxation rules applied to other capital assets.

Long-Term Capital Gain Tax Calculation on Property Sale in India

According to Section 112 of the Income Tax Act, Long-Term Capital Gain (LTCG) arising from the sale of immovable property in India are subject to a tax rate of 20%, with the benefit of indexation. To avail the indexation benefit, taxpayers can calculate the indexed cost of acquisition using the Cost Inflation Index (CII). This enables them to determine the long-term capital gain accurately.

The cost of improvement encompasses expenses incurred by the taxpayer for enhancing or adding to the capital asset. Similarly, taxpayers can calculate the Indexed Cost of Improvement utilizing the CII.

ParticularsAmount
Sale ConsiderationXXX
Less: Indexed Cost of Acquisition(XXX)
Less: Indexed Cost of Improvement(XXX)
Less: Transfer expenses(XXX)
Less: Exemption u/s 54 to 54GB(XXX)
Long-Term Capital GainsXXX

In the context of property transactions in India, certain key considerations come into play when calculating capital gains for tax purposes:

Sale Consideration: As per Section 50C of the Income Tax Act, the sale consideration for immovable property is determined as the higher of the sale value of the capital asset or the value adopted by the stamp duty valuation authority.

Transfer Expenses: These are expenses incurred specifically for the sale of the capital asset.

Indexed Cost of Acquisition: This is calculated by multiplying the cost of acquisition by the Cost Inflation Index (CII) of the year of sale divided by the CII of the year of purchase.

Indexed Cost of Improvement: Similarly, the indexed cost of improvement is determined by multiplying the cost of improvement by the CII of the year of sale divided by the CII of the year of improvement.

Capital Gain Exemption: Taxpayers may be eligible for capital gain exemption under Sections 54 to 54GB, provided they fulfill the specified conditions.

Short-Term Capital Gain Tax Calculation on Property Sale in India

In the case of short-term capital gain from the sale of immovable property, tax is levied according to the applicable slab rates. Unlike long-term capital gains, short-term capital gain does not benefit from indexation. Additionally, exemptions under Sections 54 to 54GB are not applicable to short-term capital gain. Therefore, the capital gain is computed based on the cost of acquisition, cost of improvement, and transfer expenses.

ParticularsAmount
Sale ConsiderationXXX
Less: Cost of Acquisition(XXX)
Less: Cost of Improvement(XXX)
Less: Transfer Expenses(XXX)
Short Term Capital GainsXXX

Consider a scenario where a taxpayer decides to sell the rights to an under-construction property before taking possession of it. This situation raises questions about the calculation of capital gain and associated tax liabilities.

Let’s delve into the intricacies of handling capital gains in such circumstances:

For instance, Darshil invests INR 20 Lakh on 01/01/2012 to secure a house in a housing scheme, with possession slated for 01/01/2016. However, before completion, Darshil opts to sell the rights to the property due to finding a more favorable scheme.

The tax implications hinge on the timeline between the property booking and the agreement to transfer rights in the under-construction property.

Different Scenarios:

  1. If Darshil transfers the rights before 01/01/2015:
    • Short-term capital gain arise as the holding period is less than 36 months.
    • No indexation benefit applies.
    • Taxable at the normal slab rates.
    • No capital gain exemption is applicable.
  2. If Darshil transfers the rights after 01/01/2015:
    • Long-term capital gain occur as the holding period exceeds 36 months.
    • Indexation benefit applies to the amount payable to the builder, stamp duty, and registration fees.
    • Taxable at a rate of 20%.
    • Exemptions under Section 54F and Section 54EC are available.

It’s important to note that Section 54 exemption for the purchase of new residential property against the sale of existing residential property does not apply in this scenario.

Set Off & Carry Forward Loss:

  • Short-term capital loss (STCL) can be set off against both short-term capital gain (STCG) and long-term capital gain (LTCG). Any remaining loss can be carried forward for 8 years.
  • Long-term capital loss (LTCL) can only be set off against LTCG. The remaining loss can also be carried forward for 8 years.

Reporting Income from Sale of Immovable Property:

  • Due Date: 31st July of the Assessment Year
  • ITR Form: File ITR-2 (for Capital Gains Income) on the Income Tax Website. Report gains in Schedule CG.

By understanding these nuances and adhering to tax regulations, taxpayers can effectively manage their capital gains and fulfill their reporting obligations.

To report income from the sale of land, building, or both, follow these steps:

Navigate to the Schedule Capital Gain section of your Income Tax Return (ITR) form. Within Schedule Capital Gains, locate and click on the checkbox corresponding to the type of asset you sold – whether it’s land, building, or both.

    Add details

    Click on continue and on the next page select the option of land and building and then click on add details.

    Add the dates for sale and purchase

    Select the dates for purchase and sales to calculate long-term or short-term capital gain.

    Enter the sales value and purchase cost:
    1. Input the amount received as sales consideration for the land, building, or both that you sold.
    2. Provide details of the purchase cost, including the initial acquisition cost and any expenses incurred for improvements. If the capital gain are long-term, the indexation costs will be calculated automatically.
    Add deduction details for section 54

    In case of long-term capital gains, enter the investments made to take the benefit of section 54.

    How to save capital gains tax on the sale of immovable property?

    To offset Short Term Capital Gain (STCG) on the sale of immovable property, taxpayers can utilize Short Term Capital Losses from other assets and claim deductions under Chapter VIA since STCG is taxed at slab rates. However, deductions under Chapter VIA cannot be claimed for Long Term Capital Gains (LTCG). In the case of LTCG, taxpayers can offset losses from both long-term and short-term assets.

    To mitigate tax liability on the sale of residential property, taxpayers can opt for capital gain exemptions provided under Sections 54F and 54GB by reinvesting in another residential property or eligible equity shares. Additionally, exemptions under Sections 54EC and 54EE are available for investments in specified bonds or funds, respectively. It’s essential to adhere to the holding period requirements stipulated by the relevant section to qualify for these exemptions.

    Inherited properties are not taxable when received, but upon sale, they incur Capital Gains tax. To calculate the tax liability, subtract transfer expenses and acquisition costs from the sale consideration. For Short Term Capital Gain (STCG), use the acquisition cost of the previous owner, while for Long Term Capital Gains (LTCG), calculate the indexed cost of acquisition based on the year of acquisition by the previous owner.

    Remember, the holding period for determining STCG or LTCG starts from the date of purchase by the previous owner, and the indexed cost of acquisition is computed according to the year of acquisition by the previous owner.

    Read More: Download Consolidated Capital Gains Statement from KARVY

    Web Stories: Download Consolidated Capital Gains Statement from KARVY

    Official Income Tax Return filing website: https://incometaxindia.gov.in/

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