Which itr form to use for reporting mutual fund profit?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 June 2018
In March 2017, my mother sold a long term tax saving mutual fund and earned profit of 55K. Apart from pension and the bank FD interest that is the only additional income she had. So while filing Income tax Return, which form she should use? Is it ITR-1 or ITR-2? I believe she can use ITR-1 and declare the earned profit on mutual fund as Exempt income under Sec. 10 (38). But please confirm. Thank You.
Nikhil Kaushik
(Expert)
01 June 2018
yes you can use ITR-1. For next year, you will have to use ITR-2 as LTCG will be taxable from next year.
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