Answer

1. F

   Facts

   AIS shows the gross sale value reported by brokers, not your gain. What is taxable is sale value less cost, reported in Schedule CG. If you filed the capital gains correctly, the variance is about presentation, not missing income.

2. P

   Provisions and law

   • Sec 143(1)(a) (now Sec 270(2))CPC can adjust the return for listed reasons, but must first tell you and consider a reply given within 30 days
   • Sec 48 (now Sec 72)Capital gain is sale value less cost of acquisition, cost of improvement and transfer expenses
   • Sec 111A (now Sec 196)Short-term gains on listed equity shares and equity funds taxed at 20% (transfers from 23 July 2024)
3. A

   Analysis

   Sec 48 (now Sec 72) taxes only the gain, so ₹9,00,000 of sales with ₹8,40,000 cost gives ₹60,000 of gain. Check that the total sale value in Schedule CG matches the AIS sale value; if you reported only the net figure, the mismatch is expected. Disagree, stating that full consideration of ₹9,00,000 and cost of ₹8,40,000 were reported in Schedule CG. If you filed ITR-1 and left the sales out, the form itself may have been wrong and a revised ITR-2 may be needed.

4. C

   Conclusion

   1. 1Download the broker's capital gains report for the year.
   2. 2Match total sale value with AIS and Schedule CG.
   3. 3Disagree and give sale value, cost and gain.
   4. 4If sales were left out, file a revised return in ITR-2.

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.