In ITR1 for e-filling there is a provision for showing income for reporting purpose only. Obviously these incomes will not be taxed. Some specific incomes u/s 10 of IT Act have been mentioned under this category. One last item is mentioned as 'others
My question is whether gain from ELSS will come under this category ? If so, which gain should be shown? My presumption is it should be gain after 'grandfathering'
Am I correct?
No. ELSS should be declared under 'Schedule 112A'.
Is it necessary to fill Schedule 112A if there is no taxable LTCG after grandfathering ?
Yes, otherwise it will be case of under-reporting....
In that case which ITR form is to be used? ITR1 or ITR2?
MANDATORY TO FILE .... ITR 2.
ITR2 is quite complicated. Would you please help me to understand the following?
1.When I am adding an ELSS purchased after 31 Jan 2018, the page for filling up details is quite intriguing,
ISIN code is not required. Instead the place for giving ISIN is auto filled as 'INNOTREQUIRED'.
Not required I can understand. But what in INNOTREQUIRED?
2. I cannot write anything in the places for giving Name of share/units, No. of shares/units, Sale price per share /units, because those are disabled.
3. Most important is 'expenditure wholly and exclusively in connection with transfer'. Is it same with the ,cost of acquisition'?
and
4. what is 'Full value of consideration'? I presume it is total sale price.
Please, help me to properly file ITR 2.
1. No need to change that field.
2. true, no need to fill those as the units were purchased after 31.01.2018.
3. No. its expenses incurred, which in your case will be '0'.
4. Correct.
Thank you sir, you are helping me a lot.
Regarding point no.3, will it also be '0' (Zero) in case of those purchased before 31.01.2018?
Will it be zero whether purchased directly or through an agent.
Yes, in either case you are not paying anything to the agent. So, the expenses related to the transaction is NIL.
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