Itr
This query is : Resolved
26 August 2015
1.which itr form for interest income and short term gain on shares
2.what tax rate applicable on short term profit on shares
3.in which schedule of return will i show it
4.will only the amount of short term gain be shown in return or total sale and cost of shares
2.what tax rate applicable on short term profit on shares
3.in which schedule of return will i show it
4.will only the amount of short term gain be shown in return or total sale and cost of shares
27 August 2015
1. ITR 2
2. 15%
3. CG OS
4. total sale and cost
2. 15%
3. CG OS
4. total sale and cost
27 August 2015
under which column in CG SCHEDULE SHOULD I FILL SHARE INCOME
02 August 2024
### 1. **ITR Form for Interest Income and Short-Term Gain on Shares**
- **For Individual taxpayers**:
- **ITR-2:** Used for individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. Suitable for reporting interest income and short-term capital gains (STCG) on shares.
- **ITR-3:** Used by individuals and HUFs having income from a proprietary business or profession. It can also be used for reporting interest income and short-term capital gains.
### 2. **Tax Rate on Short-Term Capital Gains (STCG) on Shares**
- **Listed Shares and Equity Mutual Funds:** STCG is taxed at **15%** (plus applicable cess and surcharge) if the shares are sold within one year of purchase and are listed on a recognized stock exchange.
- **Other Assets (e.g., unlisted shares):** STCG on unlisted shares or assets other than equity mutual funds and listed shares is taxed at the individual’s applicable slab rate.
### 3. **In Which Schedule of Return to Show It**
- **For ITR-2:**
- **Schedule CG (Capital Gains):** This is where you report your short-term capital gains.
- **Schedule B (Income from Other Sources):** This is where you report interest income.
- **For ITR-3:**
- **Schedule CG (Capital Gains):** Used for reporting short-term capital gains.
- **Schedule HP (Income from House Property):** If there are any income details related to house property.
- **Schedule B (Income from Other Sources):** Used for reporting interest income.
### 4. **Details to be Shown in the Return**
- **Short-Term Capital Gains (STCG):**
- **Only the Amount of STCG:** You should report the total short-term capital gains in the Schedule CG.
- **Total Sale and Cost of Shares:** Details of the sale and purchase should be included in the detailed computation under Schedule CG. This typically includes:
- **Sale Consideration:** The total sale amount received.
- **Cost of Acquisition:** The total cost of acquiring the shares.
- **Short-Term Capital Gains:** The difference between the sale consideration and the cost of acquisition.
**Columns in Schedule CG:**
- **ITR-2/ITR-3, Schedule CG:**
- **Part A:** General Information about capital gains.
- **Part B, Section 1:** Details of Short-Term Capital Gains on shares listed on stock exchanges.
- **Column 1:** Description of the asset (e.g., shares).
- **Column 2:** Sale consideration.
- **Column 3:** Cost of acquisition.
- **Column 4:** Short-term capital gain.
- **Schedule B (Income from Other Sources):**
- **Interest Income:** Report interest income earned from various sources like savings accounts, fixed deposits, etc.
### **Sample Entry in ITR-2 Schedule CG:**
| **Particulars** | **Amount (INR)** |
|----------------------------------|------------------|
| Sale Consideration | ₹[Sale Amount] |
| Cost of Acquisition | ₹[Purchase Cost] |
| Short-Term Capital Gain | ₹[STCG Amount] |
**Summary:**
1. Use **ITR-2** or **ITR-3** for reporting interest income and short-term capital gains.
2. Short-term capital gains on listed shares are taxed at **15%**.
3. Report interest income in **Schedule B** and short-term capital gains in **Schedule CG**.
4. Provide detailed information including sale consideration and cost of acquisition in **Schedule CG**.
Always refer to the specific ITR form instructions or consult with a tax advisor to ensure accurate reporting based on your individual circumstances.
- **For Individual taxpayers**:
- **ITR-2:** Used for individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. Suitable for reporting interest income and short-term capital gains (STCG) on shares.
- **ITR-3:** Used by individuals and HUFs having income from a proprietary business or profession. It can also be used for reporting interest income and short-term capital gains.
### 2. **Tax Rate on Short-Term Capital Gains (STCG) on Shares**
- **Listed Shares and Equity Mutual Funds:** STCG is taxed at **15%** (plus applicable cess and surcharge) if the shares are sold within one year of purchase and are listed on a recognized stock exchange.
- **Other Assets (e.g., unlisted shares):** STCG on unlisted shares or assets other than equity mutual funds and listed shares is taxed at the individual’s applicable slab rate.
### 3. **In Which Schedule of Return to Show It**
- **For ITR-2:**
- **Schedule CG (Capital Gains):** This is where you report your short-term capital gains.
- **Schedule B (Income from Other Sources):** This is where you report interest income.
- **For ITR-3:**
- **Schedule CG (Capital Gains):** Used for reporting short-term capital gains.
- **Schedule HP (Income from House Property):** If there are any income details related to house property.
- **Schedule B (Income from Other Sources):** Used for reporting interest income.
### 4. **Details to be Shown in the Return**
- **Short-Term Capital Gains (STCG):**
- **Only the Amount of STCG:** You should report the total short-term capital gains in the Schedule CG.
- **Total Sale and Cost of Shares:** Details of the sale and purchase should be included in the detailed computation under Schedule CG. This typically includes:
- **Sale Consideration:** The total sale amount received.
- **Cost of Acquisition:** The total cost of acquiring the shares.
- **Short-Term Capital Gains:** The difference between the sale consideration and the cost of acquisition.
**Columns in Schedule CG:**
- **ITR-2/ITR-3, Schedule CG:**
- **Part A:** General Information about capital gains.
- **Part B, Section 1:** Details of Short-Term Capital Gains on shares listed on stock exchanges.
- **Column 1:** Description of the asset (e.g., shares).
- **Column 2:** Sale consideration.
- **Column 3:** Cost of acquisition.
- **Column 4:** Short-term capital gain.
- **Schedule B (Income from Other Sources):**
- **Interest Income:** Report interest income earned from various sources like savings accounts, fixed deposits, etc.
### **Sample Entry in ITR-2 Schedule CG:**
| **Particulars** | **Amount (INR)** |
|----------------------------------|------------------|
| Sale Consideration | ₹[Sale Amount] |
| Cost of Acquisition | ₹[Purchase Cost] |
| Short-Term Capital Gain | ₹[STCG Amount] |
**Summary:**
1. Use **ITR-2** or **ITR-3** for reporting interest income and short-term capital gains.
2. Short-term capital gains on listed shares are taxed at **15%**.
3. Report interest income in **Schedule B** and short-term capital gains in **Schedule CG**.
4. Provide detailed information including sale consideration and cost of acquisition in **Schedule CG**.
Always refer to the specific ITR form instructions or consult with a tax advisor to ensure accurate reporting based on your individual circumstances.
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