Which itr form to fill ?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2014 Hello experts

I am a salaried employee. Besides salary, I have dividend income (from mutual funds/shares) of Rs. 8693, interest income from saving bank account of Rs. 8127. I also sold 1790 (bought for Rs. 72000) units of ELSS mutual fund after holding for more than 3 years at Rs. 62694.
My questions are-
1. Which ITR form I need to fill?
2. Since I have sold mutual fund units at loss, will the proceeds from sale be treated as income?

Thanks

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 July 2014 1) ITR2 needs to be filed since exempted income more than Rs 5000.

2) Proceeds not taxable it is a Long Term Capital Loss.

Kaustuv

Kaustuv (Expert)
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29 July 2014 Hi, Dividends, interest will all come under Income from Other Sources. It seems that you have long term capital loss.. For the A.Y. 2014-15, you should file ITR-2.

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Kaustuv

Kaustuv (Expert)
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29 July 2014 Hi,

Dividends, interest will all come under Income from Other Sources. It seems that you have long term capital loss.. For the A.Y. 2014-15, you should file ITR-2.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 July 2014 Dividend Income is exempt from Tax and should be shown in EI (Exempted Income) Sheet.

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2014 Thanks for your kind reply

My wife also a salaried employee has interest income above Rs. 5000 from saving bank account besides salary and no capital gains/loss etc. Does she also need to file ITR-2 ?

Thanks

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 July 2014 She can file ITR1. Saving Bank interest to be shown under Income from other sources and and deduction can be claimed u/s 80TTA for Saving Bank Interest. So you will Show Rs 5000 under Income From Other Sources and Rs 5000 as deduction u/s 80TTA.

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2014 sir the saving bank interest is Rs. 8600 i.e. above Rs. 5000??

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 July 2014 Then she will get deduction u/s 80TTA of rs 8600. Deduction u/s 80TTA for Saving Bank Interest is Rs 10000 or actual which ever is lower.