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Which itr to file if i hv salary income & ltcg from mf

Sahil Sharma (accountant) (102 Points)

24 August 2016

Hi all,

I have salary income & Long Term capital Gain from sale of Mutual fund on which STT is paid & the said LTCG is an exempted income as MF(SBI Emerging Businesses Fund held for more than one year) is an Equity Oriented Fund. I just want to know which ITR to file for AY-2016-2017.

Regards.

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7 Replies

ACA Anurag (Enjoy the little things) (14706 Points)
Replied 24 August 2016

Dear sahil,

u have to file ITR2 for AY 2016-17

Hope your query is resolved

Kindly like if my response has helped you

Originally posted by : Sahil Sharma

Hi all,

I have salary income & Long Term capital Gain from sale of Mutual fund on which STT is paid & the said LTCG is an exempted income as MF(SBI Emerging Businesses Fund held for more than one year) is an Equity Oriented Fund. I just want to know which ITR to file for AY-2016-2017.

Regards.

Sahil Sharma (accountant) (102 Points)
Replied 24 August 2016

Respected Anurag ji thanks for your quick response. Sir but can you please tell me the reason behind filing ITR 2 & not ITR 1. I got 2 or 3 good/valid reasons to go with ITR 1. Please i am in dilemma as i am convinced to go with ITR 1 but still i dont want to make an error.

Regards.

CA pooja gupta (chartered accountant) (313 Points)
Replied 01 September 2016

ITR 2 is valid Answer because ITR 1 can be filled only in case of Salary & Interest Income.

Thanks

Pooja Gupta

1 Like

CA CMA Sagar Jaiswal (Finance professional) (665 Points)
Replied 04 September 2016

itr 2 in place of itr 1 is applicable if u have income from other source exempt(and agricultural) is more then 5000.and u have income from hp(more then one house)and income from capital gains.

Sahil Sharma (accountant) (102 Points)
Replied 13 January 2017

thanks @ Pooja ji. Sorry for late response..

thanks @ Sagarji.. Sorry for late response..

1 Like

Legistify (33 Points)
Replied 13 January 2017

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Sahil Sharma (accountant) (102 Points)
Replied 13 January 2017

Hi all Please suggest that if i have Salary Income along with Long Term Capital Loss from Sale of Equity Oriented MF on which STT is paid which are not eligible for C/f in next year then would i have to file ITR 2 or ITR 1? If ITR2, then where should i fill in the details regading such loss on sale of MF?

Regards,

Sahil