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Income tax filing with ITR 2

ITR Filing 326 views 2 replies

Hello ,

I have two questions about income tax filing, any direction would be helpful -

  1. If someone has more than Rs. 1 lakh long-term capital gains from the Sale of Equity mutual fund, does that person need to use ITR2 for tax filing?
  2. If someone uses ITR 2 for filing in the current assessment year, can he/she switch back to ITR 1 again in the next Assessment year provided there are no further long-term capital gains for next year?

Thanks in advance.

 

 

Replies (2)

1. Yes.

2. Any time, no problem.

Hi Yes, if there is income from capital gains please file ITR 2. Also ITR form depends on the heads of income for the respective previous year, so next year If the assessee does not have income other than Salary, IFHP OR IFOS he can submit ITR 1.


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