Question: How to Distribute Capital Gain from TRT Form to Beneficiary (Individual ITR)?
Answers:
SCENARIO NO. 1 - Automatic Fill of CGT Worksheet from TRT to ITR Form
In the TRT Form, go to "Net Income" > "Capital Gains". Select YES in 21G and then click Add Worksheet.
1. A - CGT Worksheet without CGT Discount:
Fill-in the required details in the added CGT Worksheet.
Go to Beneficiaries section and you can choose Manual or Percentage to do the Beneficiary distribution of Capital Gain.
Click the name of the Beneficiary (CANDY DOE per sample image below) to open the Beneficiary Worksheet.
For the autoprefill of CGT Worksheet from TRT to ITR, ensure that the "Gross Capital Gain" and "Other Capital Gains" line items available amounts are properly distributed.
Open the ITR Form of the beneficiary and you should already see the CGT Worksheet under Income>Capital Gains tab. See below sample image. NOTE: Ensure that the ITR Form is in draft status to reflect the CGT Worksheet line item.
1. B - CGT Worksheet with CGT Discount: See below sample CGT Worksheet in the TRT Form with discount.
If a CGT worksheet will result in CGT Discount, ensure that the "Gross capital gain", "CGT Discount applied" and "Discounted Capital Gains (Net)" amounts is distributed, so that the CGT Worksheet will appear in the ITR of the Beneficiary.
ITR of the Beneficiary showing the CGT Worksheet with discount:
SCENARIO NO. 2 - MANUAL FILL of CGT Worksheet in the TRT Form.
In this scenario, the "Fill capital gains manually" is selected as YES, so that the user can manually fill the amounts in the CGT Worksheet. Manually filling-up the CGT Worksheet in the TRT Form doesn't support any automatisation of CGT Worksheet to prefill in the ITR Form of the Beneficiary.
In this scenario, you need to also manually add a fill-up the CGT Worksheet in the beneficiary ITR Form, because there will be NO auto-prefill from the TRT Form.
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