Answer

1. F

   Facts

   Long term gains on listed shares and equity funds above ₹1,25,000 a year are taxed at 12.5% under Sec 112A for transfers from 23 July 2024. The first ₹1,25,000 is exempt. Holding must be more than 12 months.

2. P

   Provisions and law

   • Sec 112A (now Sec 198)Long-term gains on listed equity taxed at 12.5% above ₹1,25,000 a year (transfers from 23 July 2024)
   • Sec 2(42A) (now Sec 2(101))Holding period: 12 months for listed securities and units, 24 months for other assets, to be long term
3. A

   Analysis

   Here the taxable part is ₹2,10,000 minus ₹1,25,000, which is ₹85,000; tax is ₹10,625 plus cess, about ₹11,050. The exemption is one ₹1,25,000 for the year, not per fund. Long term losses on equity reduce the gain before the exemption. Schedule 112A asks for details, and scrip-wise entries are needed for shares bought before 1 February 2018.

4. C

   Conclusion

   1. 1Total all long term equity gains for the year.
   2. 2Subtract long term losses, then ₹1,25,000.
   3. 3Compute 12.5% plus cess.
   4. 4Fill Schedule 112A and Schedule CG.

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