Sir,
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?
You need to file ITR 2 & declare all these transactions........
sale of shares and securities, you need to file ITR-2, even if your total income is below ₹50 lakh.
To add to the original query, do we need to add each transaction as mentioned in the AIS report, or can we add cumulative data? For example, if I purchased and sold "A" shares on different dates and did the same with B, C, and D shares, can I add all buys and sells, respectively, for A, B, and C and enter the data in the ITR?
If I enter the cumulative data, it seems like I bought and sold shares worth lakhs. Whereas on a particular date, I would have spent or bought shares worth only thousands.
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