Long term / Short term capital gains tax and relevant ITR

mvsoffers (7 Points)

18 June 2024  


My income is below 50 L. I have done few transactions of shares (both long term (above 12 m) and short term.  Long term resulted in a profit of around Rs.1000/- where as short term resulted in loss of approximately Rs.500/-. As per clause 112A upto Rs. 1 L profit no capital gains tax is applicable.  Am I correct in my understanding.  Do I need to file ITR 2 and show the capital gains /loss both long term and short term, Or I can file ITR 1 as I have been doing all along?