Itr form

ITR 202 views 2 replies

Merv

Student Others

34 Points Joined July 2013

Hi, My fater is a state government pensioner. Besides his pension, he has invested in equity. Recently, due to health reasons he hasd to sell his shares which he had purchased 3 years ago. I have 2 questions:

(1): Which ITR Form does he have to use.

(2): Is he taxable for the income he received from the sale of his shares.

Thank you,

Merv.

Replies (2)

Saurabh Verma

Sr. Account Executive

59 Points Joined April 2015

for (1) ITR-2 is required for the following Income -Salary, -HP, -other sources -Capital Gain. -Any Foreign Income , - Agriculture Income. For(2):- Yes, he is required to compute Income from Capital gain. But please check whether the shares are sold through Recognized stock exchange and STT would have been paid, then is that case Long term capital gain is exempt u/s 10(38). Also note :- Capital gain would be Long term in all the cases if the Equity Share is of Listed company or Unlisted company because the period is 12 Months or 24 Months respectively for that purpose.