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Which itr form to fill ?

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 July 2014 Hello experts

I am a salaried employee. Besides salary, I have dividend income (from mutual funds/shares) of Rs. 8693, interest income from saving bank account of Rs. 8127. I also sold 1790 (bought for Rs. 72000) units of ELSS mutual fund after holding for more than 3 years at Rs. 62694.
My questions are-
1. Which ITR form I need to fill?
2. Since I have sold mutual fund units at loss, will the proceeds from sale be treated as income?

Thanks

29 July 2014 1) ITR2 needs to be filed since exempted income more than Rs 5000.

2) Proceeds not taxable it is a Long Term Capital Loss.

29 July 2014 Hi, Dividends, interest will all come under Income from Other Sources. It seems that you have long term capital loss.. For the A.Y. 2014-15, you should file ITR-2.





29 July 2014 Hi,

Dividends, interest will all come under Income from Other Sources. It seems that you have long term capital loss.. For the A.Y. 2014-15, you should file ITR-2.

29 July 2014 Dividend Income is exempt from Tax and should be shown in EI (Exempted Income) Sheet.

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 July 2014 Thanks for your kind reply

My wife also a salaried employee has interest income above Rs. 5000 from saving bank account besides salary and no capital gains/loss etc. Does she also need to file ITR-2 ?

Thanks

29 July 2014 She can file ITR1. Saving Bank interest to be shown under Income from other sources and and deduction can be claimed u/s 80TTA for Saving Bank Interest. So you will Show Rs 5000 under Income From Other Sources and Rs 5000 as deduction u/s 80TTA.

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 July 2014 sir the saving bank interest is Rs. 8600 i.e. above Rs. 5000??




29 July 2014 Then she will get deduction u/s 80TTA of rs 8600. Deduction u/s 80TTA for Saving Bank Interest is Rs 10000 or actual which ever is lower.



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