Ltcg below one lac and itr1ay(19-20)

ITR 2

Today I made a phone call to helpdesk @ trpscheme.com staff of income tax department. They told that if long term capital gain from shares is taxable then you use ITR2. Perticularly in my case he told that as your LTCG is not taxable hence you use ITR1. I told him that as per instructions of itr1 person having income from capital gain should not use itr1. Then he said perticularly that if gain is taxable then you cannot use itr1. In my case gain is below one lac which is non taxable so use itr1.

Phone no is 18001023738

Yes, that is good option to attract notice from ITD afterwards (because of information of sale of units and hence capital gains), and than clarify that the capital gains is below 1 lakh, rather than declaring the same at first option!

As per section 112A of the Income Tax Act, 1961, Long Term Capital Gains from the sale of listed equity shares in excess of Rs 1,00,000 is taxable. LTCG amounting less than Rs 1,00,000 though not taxable still needs to be reported in ITR 2 under schedule CG part B point 4(d)

You can file your return in ITR2 only. Because you have LTCG. This has to be shown in ITR however it is exempted if below Rs.1 lakh but has to be declared.

Thank you Sir

Thank you Vaishali