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)
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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.