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New Capital Gain tax introduced in the budget. How MProfit is going to handle this?

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  • New Capital Gain tax introduced in the budget. How MProfit is going to handle this?

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    India’s 2018 Budget delivered by Finance Minister, Mr. Arun Jaitley proposed a long-term capital gains tax of 10% on stocks and equity mutual funds exceeding Rs. 1 lakh without allowing any benefit of indexation. However, as per the Budget, all gains until 31st January, 2018 will be grandfathered. According to Wikipedia, a grandfather clause is a provision by which an old rule continues to apply to a certain existing situation while a new rule would apply to all future instances. This implies that you will not be taxed on any gains that you have already accumulated up until 31st January, 2018.

    There is no change in the long term capital gains tax exemption for the financial year 2017-18.

    MProfit has consistently been the preferred choice of solution amongst chartered accountants and investors for the computation of short-term and long-term capital gains. As the new long term capital gains tax change is not applicable for the current financial year FY2017-18, investors should continue using the existing version of MProfit to compute capital gains for the financial year FY 2017-18.

    MPROFIT WILL PROVIDE SUPPORT FOR NEW CHANGES TO CAPITAL GAINS CALCULATIONS IN THE COMING MONTHS. To see how new capital gains tax will be computed based on various scenarios and download FAQs published by CBDT, click here.

  • #2

    Is it possible to generate a report of existing stock and their FMV as on 31/01/2018. Currently, the report automatically calculates the FMV for unrealised gains. It would be great if this feature is added as I can decide on the LTCG granfathering effect while selling shares. Kindly forward this enquiry to your technical team.


    • #3
      Dear Tanmayvg,

      Unrealised capital gains includes grandfathering which is available in MProfit PRO version.


      • #4
        I have generated LTCG for equity mutual funds in income tax format. FMV on 31Jan2018 is not showing for few mutual funds. Yes, I have updated the software and database. In my case, SBI equity savings fund is not showing it FMV, the column is blank.
        It looks like the data was never filled in the database from wherever the program is reading the values. Can this be fixed in ASAP since it is tax season?


        • #5
          Dear Zomby,

          Please provide the fund full name or ISIN no or AMFI code so that we can check the details. Email your contact no [email protected] or call us at (022) 4002-4149 / (022) 4347-4149 so that we can assist you better.