Hello friends I generally fill up ITR 1 for income tax submission of income from salary. This year I only earned STCG from sale of equity of amount 750. Can I fill up ITR 1 this year also and ignore the small amount earned from STCG. Or I have to fill up ITR2 mandatorily.
5 Replies
nikhil bhudolia
(CA FINAL)
(109 Points)
Replied 08 July 2018
u have to file itr2 since u have also CG income
Vinod Babu
(24196 Points)
Replied 08 July 2018
Yes you have file ITR2, as you have short term capital gains.
J S BHAVSAR
(CONSULTING)
(1315 Points)
Replied 09 July 2018
STCG income during the year means ITR2 form must be used.
Had the gains been LTCG, you could have used ITR1.
nikhil bhudolia
(CA FINAL)
(109 Points)
Replied 13 July 2018
sorry vinod Sir. ..i think she has to file itr2 even if there is Ltcg ..please correct me if m wrong
J S BHAVSAR
(CONSULTING)
(1315 Points)
Replied 13 July 2018
LTCG from equity shares and equity MFs where holding was 1year and above are Exempted. ITR1 has section to mention such exempt gains.
Going forward, such gains if less than 1 lakhs then ITR1 applicable. Else if above Rs 1 lakhs then ITR2 will be required.
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