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Which ITR for SGB Maturity

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Kumar

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72 Points Posted on 13 July 2024

Sirs,

We've income from the following sources:

Interest (Banks, IT Refund, SGB interest)
LIC Pension (Not related to employment)
House Rent
Dividends from stocks & equity mutual fund
SGB Maturity

Usually we file ITR-2, since there typically is capital gain (Stocks & MF). But this year there were no Stock/MF transactions. So only heads of income are as detailed above.

Is it ok to file ITR-1?

I ask since SGB Maturity is a capital gain, but exempt, hence I'm wondering if I can show it under Exempt Income -> Any other and get away with just filing ITR-1

Thanks

Replies (4)

Quick Summary

This discussion explores whether taxpayers can use the ITR-1 form when they have income from sources like bank interest, LIC pension, house rent, dividends, and importantly, Sovereign Gold Bond (SGB) maturity. While SGB maturity is technically a capital gain, it is often exempt from tax. The consensus is that if SGB maturity is the only capital gain and it's exempt, filing ITR-1 is permissible, as the selection of the ITR form is not solely dependent on having capital gains but rather the nature of the income.