At the beginning of every financial year, we usually spend a lot of time finding the best investment option. Throughout the year, we reap good profits, but by the end of the financial year, when it’s time to pay our capital gain tax, we start wondering, ‘How much did I earn this year?’
Does this situation sound familiar to you? If yes, then this article is for you.
Today we will tell you how you can get your capital gain statement from your broker to file your Income-Tax Return (ITR) easily!
What is Capital Gain Tax?
The income you earn/lose by selling your financial assets such as stocks and bonds is called capital gain/loss. This capital gain is taxable under the Income Tax Act, and the tax you pay is called ‘capital gain tax’.
A capital gain is when your buying price is less than the selling price. A capital loss is when your buying price exceeds the selling price.
It is important to note that you pay capital gain tax only when you have sold the asset during a said financial year. You need not pay a capital gain tax if you haven’t sold your investment.
Wondering How Much to Pay?
Well, if you sell your investment within 12 months of purchase, you will have to pay a short-term capital gain (STCG) taxable at 15%, irrespective of your tax slab.
Whereas, if you sell your investment after 12 months of purchase, you will have to pay a long-term capital gain (LTCG). An LTCG of more than Rs 1 lakh on the sale of your investment will attract a capital gains tax of 10% (plus applicable cess). Also, the benefit of indexation will not be available. For the uninitiated, indexation is a way to reduce tax payments by applying a price index that helps adjust your inflation returns.
Is Paying Capital Gains Tax Important?
Yes, paying capital gains tax is important. No matter which financial asset you have sold, your income is taxable, and the Income Tax Department would want to know about it. If you do not include the information in your tax filing, the Income Tax Department will impose fines and penalties for your negligence.
So, you must pay your capital gains tax. If you are wondering how to get your capital gains statement then don’t worry, breathe a sigh of relief!
Here are the instructions you must follow if you have linked your Teji Mandi investment with the following brokers:
You can get the capital gain report for a tax audit by logging in to ‘Console’. Here are the detailed steps you must follow.
Log in to your 5Paisa account. Enter your username and password.
Click on your Profile logo, on the dashboard.
Go to ‘My Reports’.
Choose Portfolio and select the necessary filters.
Click on the PDF or excel option.
Upstox –To get your capital gain statement, you must log in to Upstox’s back office and download the P&L statement. Refer to the link to know more.
Angel One – To download your capital gain report from Angel One, log in to their platform, go to reports, and select the transactional report
You can find the detailed process here.
AxisDirect – To download your capital gain report for taxation purposes, you have to log in to their platform, select your portfolio, and download the report.
Here is the detailed process: https://learn.quicko.com/download-tax-pl-report-axis-direct
HDFC Securities – To download your capital gain report, log in to the HDFC Securities account, click on the portfolio, and go to capital gains.
Here is the detailed process: https://www.hdfcsec.com/capital-gain-statement
IIFL Securities – If you have an IIFL Securities account, then log in to IIFL Securities and follow these steps – https://taxfiling.indiainfoline.com/
Alice Blue – To get your profit and loss statement for a tax audit, log in to Alice Blue’s back office and click on ‘Global P&L Report’.
FundzBazar – If you have invested using your Fundzbazar account, drop an email to [email protected] , to gain your statement
Motilal Oswal – If you have invested using your Motilal Oswal’s account, log in to Motilal Oswal’s back office, go to capital gains and select Equity MOSL + Non-MOSL.
Refer to this link to know the detailed process.
Now you know how to get your capital gain statement quickly. So, it’s time to focus on finding more money-making opportunities.
Do you know Teji Mandi Multiplier portfolio delivered a CAGR return of 41.52%? (as of 4th July 2022).
Click here to explore now!