Can I report Gold ETF LTCG as STCG (Other than Equity) to reduce tax?
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I have around ₹12,500 tax liability on LTCG from a Gold ETF. While filing my ITR, I noticed that if I report it as STCG under "other than equity", the tax becomes ₹0 because it gets taxed at my slab rate.
Will the Income Tax Department detect this through AIS/Form 26AS or broker-reported data? Has anyone faced scrutiny for a similar mistake?
Edit: This wasn't my plan. It was suggested by the CA, who is charging ₹2,000 to file my return. When I asked him how he was saving the tax, this is what he replied. I'm just checking whether I can trust him or not.
u/Longjumping_Suit7861 — 6 days ago