Which ITR for Long term capital gain from MF (Tax Free)

Last post 07-11-2011 4:38 AM by mobileguru. 2 replies.
Page 1 of 1 (3 items)
Sort Posts: Previous Next
  • 07-10-2011 11:52 PM

    Which ITR for Long term capital gain from MF (Tax Free)

    I have following income this year: 1) Income from Salary 2) Income from Interest 3) Long Term Capital Gain (Sold few equity mutual funds & equity holding, not liabable for tax) Not sure whether I shall use ITR-1 OR ITR-2? Following clause about who can not use ITR-1, suggests that I can use ITR-1: "income under the head "Capital Gain ",which are not exempted from tax,Eg short term capital gain from sale of house ,plot etc:or"
    Filed under:
    • Post Points: 20
  • 07-11-2011 1:42 AM In reply to

    Re: Which ITR for Long term capital gain from MF (Tax Free)

    Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;}

    Hello,

     

    ITR-1 Form is used only when income of the individual includes

    (a) Income from Salary/ Pension; or

    (b) Income from One House Property (excluding cases where loss is brought forward from previous years); or

    (c) Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses).

     

    Your income includes Income from capital gains as well, so you need to file ITR-2 Form. If you are confused with ITR-forms, it is recommended that you use Free Tax yogi service filing your return. No need to worry about ITR-forms. Tax Yogi is Smart Enough. Go ahead and file your return here

     

    With Regards!!!

    • Post Points: 20
  • 07-11-2011 4:38 AM In reply to

    Re: Which ITR for Long term capital gain from MF (Tax Free)

    I also read that Capital gains require us to fill ITR-2, but I'm having confusion because of following clause from Income Tax department: 3. Who cannot use SAHAJ? This Return Form should not be used by an individual whose total Income for the Assessment year 2011-12 includes, - (a) Income from more than one house property; or (b)Income from Winnings from lottery or income from Race horses; or (c)Income under the head “Capital Gains”, which are not exempt from tax, E.g., short-term capital gains or long-term capital gains from sale of house, plot, etc.; or (d) Income from agriculture in excess of Rs. 5,000; or (e)Income tram Business or Profession. In point (c) it specifically mentions that only if I have income from Capital Gain which is not exempt from tax, then I cannot use ITR1 .. I assume it means if income from Capital Gain is exempt from Tax I can use ITR-1
    • Post Points: 5
Page 1 of 1 (3 items)
Control Panel
Admin Console