WHY and which ITR just to declare company shares ?

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dear CAs/Tax Experts ,

I've very few company shares in my equateplus accounts , even I have not redeemed it to my bank account , not sure why incometax asks me to revise my return ?

Is it really required to revise my return as the shares haven't been materilaised yet , not part of my income in 24-25 FY ? if Yes, then which ITR to file and in which section to declare the same ?

Thanks

 

Replies (3)

The tax department may have noticed a mismatch because the shares (or their gains) should be reported even if they are not yet materialised or transferred to your bank. The department expects all income, including unrealised gains on investments, to be disclosed if they are taxable in the assessment year. 

Yes. You need to revise the return if the original filing missed declaring the income related to those shares. Unmaterialised gains are generally not taxable until realised, but you must report the transaction details and any applicable capital gains in the year of redemption or transfer. 

File the apppropriate ITR form applicable to your income status (usually ITR-2 or ITR -3 for individuals with capital gains). 

Declare the shares under Schedule CG (capital gains) if there is a capital gain on redemption, or under the relevant income schedule if the shares are considered income.

Refer to Section 45 of the Income Tax Act for capital gains on transfer of shares and ensure compliance with reporting requirements in the revised return. 

hi , your response is not at all helpful or clarified , you are not sure which ITR and yet dont hesitate to DM & ask money , did I ask you to reply ? stop sacmming people in these helpful platforms . I don't have money for charity . Thanks but no thanks.

Are those FOREIGN shares/ 

If YES....then itr2 or itr 3 as applicable in your case

Because if shares/ ESOPS of foreign company then compulsory to file appropriate itr 


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