Can ITR1 be filed if Co-op Bank shares are held by assessee

215 views 1 replies

Can ITR1 be filed if Co-op Bank shares are held by assessee?

The Income Tax filing website says ITR1 is applicable:

For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income upto Rs.5 thousand (Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares)

The question really is - are Co-op Bank shares considered as 'Unlisted Equity Shares'. Is there a definition of this term and if yes, under which section / rule

If ITR1 is not allowed the assessee will be forced to use ITR2

 


Attached File : 1090849 20200814145107 itr1 eligibility.pdf downloaded: 38 times
Replies (1)
As per CBDT clarifications, Unlisted shares Means equity share of entity which is registered under the Companies Act, and is not listed on any recognised stock exchange.

As if you have a share of Co-op bank not registered under companies act, than you can file form ITR 1


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Related Threads
Loading