Which itr form to use for a.y. 2012 - 2013

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Kapil Tiwari (Querist)

25 July 2012 I have the following income during the financial year April 2011 - March 2012:

1. Income from Salary
2. Income from other sources ( Bank Inerest)
3. Long Term Capital Loss on Sale of Equity Shares & Units of Equity Mutual Fund Schemes on which Security Transaction Tax has been paid. ( The Loss is about Rs 6000/-.)
4. Tax Exempt Interest of about Rs 1,50,000/- on Public Provident Fund (PPF)

Please advise which ITR Form should i use to file my return.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

25 July 2012 ITR-4 is proper and suitable.

OM SAI SRI SAI JAI JAI SAI

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Kapil Tiwari

Kapil Tiwari (Querist)

25 July 2012 Sir, can I not use ITR-1(Sahaj) since the Long Term Capital Loss cannot be set off or carried forward and PPF interest is exempt from tax? Kindly advise.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

25 July 2012 Even though exempted income or non-carry forward loss you should be indicate in the return form in ITR-1(Sahaj) there is no option to Exempted income schedule and no schedule for Capital gains. so ITR-1(Sahaj) not proper.

OM SAI SRI SAI JAI JAI SAI

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SANYAM ARORA

SANYAM ARORA (Expert)

25 July 2012 ITR - 2 will be applicable for you.

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Kapil Tiwari

Kapil Tiwari (Querist)

25 July 2012 Sirs, Will I have to mention (-)6,000/- in the column for "Long-term capital gains from transaction on which Security Transaction Tax is paid"? This column is in Schedule EI (Details of Exempt Income) in ITR-2. Can I put a negative amount in this column?

Is there any other column also in ITR-2 where this "non-carry forward" long term loss is to be mentioned?

Kapil Tiwari

Kapil Tiwari (Querist)

25 July 2012 Request your kind clarification, Sirs.

Kapil Tiwari

Kapil Tiwari (Querist)

25 July 2012 Kindly reply, Sirs.