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Intraday & Capital gain

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Very Less Single Intraday profit (Rs 155) , ITR2 or ITR3 ?

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H Paul • 20 July 2023

Dear Sir,

Due to an unintentional transaction I got Rs. 44/- loss in a day which is my only single intraday transaction of the year ( purchase Rs.544/- Sale Rs.500) Rest Transcation related to delivery basic.

Following are details from Broker:
Intraday/Speculative Loss Rs.44
Short Term Capital gain Rs.2285/-
Long Term profit - 0
    
My Earning from Salary is approx. 4 lacs. interst from FD Rs. 53800/- Do I need to use ITR-3 or Can I use ITR-2?

I would prefer ITR-2 if possible as I don't have much knowledge on ITR-3.

Can I face any query notice from IT department In future if I shall file ITR 2

Kindly advise accordingly.
Replies (11)

Some accountant named @ Sabyasachi said in previous answer this week that no need to file small amounts

I can't understand
Better to Use ITR-3.
Mem, can be issue if I file ITR2 it's just a single and small amount.

I would suggest you just file ITR-2. While CA Rashmi's advice is conservative and correct to the extent of how to define speculative transactions, it is important to understand what is the intent of the transaction. In this case, I do not see any reason why you should go about filing a more complicated return just for one transaction. 

You can go with ITR-2 but technically it must be ITR-3.
Thank you Nikhil Sir, Thank you Rashmi Mem,

you are welcome Amandeep.

Avoid defective returns issues as CPC can spot it TIS 26 AS will have that transaction 

this would not show in 26AS. 

Welcome 😊😊 😊


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