In processing of Income tax return, Long term capital gain u/s 112A is doubled

[CABIJENDERKUMAR BANSAL]

Dear All

I am facing a situation that similar type of addition is made in intimation of many Individual assessee having

Long term capital gain for AY 19-20 u/s 112A.

Cost of acquisition is take as per rule only without giving effect to the first and second proviso to section 48.

But in processing, intimation is taking double amount of such Long term capital gain.

I have applied for re-processing also, but again same problem persists.

Kindly help if any one has faced same situation.

AI Summary

Taxpayer Faces Issue with Doubled Long-Term Capital Gains for 2019-20; Section 112A Misapplication Suspected An individual is experiencing an issue with the processing of income tax returns where long-term capital gains under Section 112A are being doubled for assessment year 2019-20. The problem arises because the cost of acquisition is calculated according to the rule without considering the first and second proviso to Section 48, leading to incorrect intimation. Despite applying for re-processing, the issue remains unresolved. A respondent suggested filing a complaint with the Centralized Processing Center (CPC) in Bangalore for resolution.