09 July 2012
I have the following income during April 2011 to March 2012: 1) Income from Salary 2) Income from Other Sources 3) Long Term Capital Gains from sale of equity shares and units of equity mutual fund schemes
According to the instructions given for using "SAHAJ" form, a person cannot use this form if he has "income under the head "Capital Gains" which are not exempt from tax, e.g. short term capital gains or long term capital gains from sale of house, plot, etc.".
I believe Long Term Capital Gains from sale of equity shares and units of equity mutual fund schemes are exempt from tax. Am I correct? Hence, can I use "SAHAJ" form for filing my Income Tax Return for AY 2012-2013? Kindly advise urgently.
CAclubindia
