I file my income taxes under 44AD. If long term capital gains on purchase and selling of shares in FY 2018-2019 is less than 1 lakh can I just use ITR-4 instead of ITR-3? Since long term capital gains below 1 lakh in a FY year are tax free, can I just ignore them and use ITR-4?
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44ad and capital gains from equity shares
Replies (5)
No......... because of filling of 'Schedule CG'. (unless any provision in the ITR of AY 2019-20)
Thanks a lot, Sir.
I PERSONALLY FEEL, IF YOU ARE USING 44AD THEN CARRY SAME FORM FOT FILING ITR WITH CAPITAL GAIN.
ITS MY PERSONAL OPINION, IF ANYBODY HAVE DIFFERENT VIEW THEN VIEWS ARE WELCOME. THANKS. DISCLAIMER: IT'S NOT PROFESSIONAL ADVICE.
ITS MY PERSONAL OPINION, IF ANYBODY HAVE DIFFERENT VIEW THEN VIEWS ARE WELCOME. THANKS. DISCLAIMER: IT'S NOT PROFESSIONAL ADVICE.
The problem is in ITR 4 (previously ITR 4S) there is no field to fill capital gains. One thing is sure not showing income won't be appreciated by income tax officials. I was hoping that since ltcg on equity below 1 lakh are tax free, I might get away with not mentioning them. As Dhirajlal sir, said it's required to mention, so I can't get away with it.
Thanks. I have found many of my doubts, already questioned and answered on this forum previously by others, many by Dhirajlal sir. Very helpful indeed for just a taxpayer like me.
Well, it is to early to come to any conclusion....... as I said before, it depends upon the ITR forms to be declared for AY 2019-20 (i.e. in April 2019)........
The earlier reply is just based on prevailing conditions........
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