ITR-1 or ITR-2

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Querist : Anonymous

Querist : Anonymous (Querist)

13 July 2011 I have a STCG of say 11000/- & in the same year STCL of 23000/- from sale & purchase of equity/MFs. I am a salaried person and TDS is done for all my other income. Now, is it necessary for me to file ITR-2 or can I do with ITR-1 if I do not intend to carry forward the net loss. In case of ITR-2, where to indicate the STCG & where the STCL and how to setoff. Please help. I want some help in filing ITR-2 (if necessary) with STCG & STCL in the same year where gain is less than loss. If I file ITR-2 & carry forward my STCL, will I be able to set it off against the STCG (if any) in the following years. Regards.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

13 July 2011 You have to fill up Shedule CG in ITR-2
In Part A of this schedule you have to fill item No 2. And fill up the schedule as under -

2a. you have to find out combined sales consideration
2b(i)&(iv). Combined cost of Acquisition

2c (2a-2b(iv)) This will be total STCG
Following other steps which are easy to understand. write the amount of STCG on shares /units etc. in Item No 5 of this Schedule.
The balance has to be c/fd.
STCG can be c/fd upto 4 AYsand set off is available.
Please take care - you have to fill up other schedules also if you are not using a software.

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Querist : Anonymous

Querist : Anonymous (Querist)

14 July 2011 Thanks a lot Sir. But I am still confused. Please help me. I have a STCG of Rs. 10850/- (out of which Rs. 2386/- is in the period upto 15/9 & Rs. 8464/- in the period from 16/9-31/12. I have STCL of Rs. (-)23272/- in the period 16/3-31/3. So, I have a Combined STCL of Rs. (-)12422/-. Sales consideration is Rs. 247459/- & cost of acquisition is Rs. 259851/-, cost of transfer included. Please help me in filling 3&6 of B-TI, A,C&D of Schedule CG, Schedules CYLA,BFLA & CFL. I have a LTCG of Rs. 71649/- (Exempt income). Is it required to fill this value in 3 of B-TI & B of Schedule CG or is it sufficient to fill it only in Schedule EI. Please help me, I am a first timer.