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Due to an income tax query for FY 2008-09 and 2009-10, I need to fill the ITR 2 form. For this there was short term debt gain and loss too. Brokerage was paid @ 0.2%, but without any proof. If I mention brokerage values, will be any problem due to lack of proof? Because, if I mention the brokerage value then only, I can get rid of tax payment. Without which I may have to pay tax for that FY with interest.

Also, please let me know that while mentioning in the CG section, in full value under consideration, have I to mention the sale value after deducting the losses occurred?

Kindly help me in this respect.

Thank you.

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You are entitled to deduct brokerage costs.

CG section, in full value under consideration, have I to mention the sale value after deducting the losses occurred?

You have to mentioned the "Sale Value" of Shares.
In the Cost of acquisition, you have to mention how much you paid to buy the shares [including brokerage during buy].
In the Expenditure you have to mention the brokerage for sell.

Brokerage was paid @ 0.2%, but without any proof.

Not sure I understand this, why don't you have proof.

If I mention brokerage values, will be any problem due to lack of proof?

Generally proofs are not asked while filing returns. However there can be an enquire on the calculation and one would have to produce proofs. Note the enquire can also ask for evidence on the total sale price or buy price and not just brokerage.

Further read at Income Tax India

Edits:

Every Switch is considered a taxable event. So for example you invested x units at Rs 5000. After 6 months, you switched. Say you got Rs 5500 and bought y units for same funds [say growth to dividend]. Then you again after 6 months you switched to grown, the price was Rs 6000. Then sold it after one month for Rs 6100.

Total sale was Rs 5500 + Rs 6000 + Rs 6100
So your total initial investment is Rs 5000 + Rs 5500 + 6000
Your Total gain taxable will be Rs 1100.

  • Thank you for your reply nut I would like to know about "Sale value". Is it the total amount / money, received after selling the mutual fund? as in my case it was debt mutual fund. Also about brokerage. it was provided in cash. So I don't have any proof. But for sale price and buy price, I have proof as I have mutual fund statements. – Ravi Sep 15 '16 at 12:22
  • If there is no receipt, there is no brokerage. – Dheer Sep 15 '16 at 13:14
  • Sir, as I am filing the return, there are many investments which are reinvested, I.e. switched again and again. So the query is adding all the switched amounts too. But the initial investments are less. – Ravi Sep 20 '16 at 9:13
  • Sir, as I am filing the return, there are many investments which are reinvested, I.e. switched again and again. So the query is adding all the switched amounts too. But the initial investments are less. So I would like to know while filing the return, in CG section while entering about the initial investment amount, Only initial amounts deducting the switched amounts in which the initial amount is repeated or I have to fill the total values, weather initial or reinvested amounts all together which is much more than the initial actual invested amounts. Kindly please help me in this respect. – Ravi Sep 20 '16 at 9:21
  • @Ravi See edits. Every switch means you have sold the old units and purchased the new units. If you have done this within a year, its short term capital gains. – Dheer Sep 20 '16 at 11:51

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