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Fsi schedule in itr2

Atul (Others) (71 Points)

20 July 2015

Resident Indian. Has LTCG from sale of shares abroad.

Does the LTCG need to be entered on schedule FSI AND schedule CG and the section B-TI of the form ITR2?

I see that entering the income on sched FSI alone in the published ITR2 Excel sheet, does NOT automatically update entries in sched CG or the section B-TI. So, to have that income accounted for in the tax calculations, I think, it will need to be manually entered on sched CG and section B-TI.

please advise. Thanks.

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5 Replies

Manish Hingar (Financial Consultancy ) (267 Points)
Replied 22 July 2015

Hello Atul,

Schedule FSI basically calculates the relief of tax and for which we need to enter income details where as scheduke CG is for considering income on which tax relief you will get hence we have to enter details in both the schedules as we can not write in detail in schedule FSI such as purchase amt, sale amt etc.

I hope i am clear about it, and you understood why it is happening

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Akshay (mr.) (26 Points)
Replied 01 August 2015

Hi Manish / Atul,

I am in same situation. But I have a Long Term Capital Loss on sale of shares abroad (after indexation). Schedule FSI in ITR2 is not allowing me to input negative values (both excel and java utility). So, I cannot show the capital loss there. I can include it in schedule CG only. As no foreign tax has been deducted, tax relief is not involved.

Is it ok to file like this or is there some other way to show capital loss in schedule FSI ?

Please advise,

thanks and regards,

akshay

Atul (Others) (71 Points)
Replied 01 August 2015

Hi Akshay,

The generated XML file,... do the validation rules for this XML allow negative values in the FSI/Cap gain part of it? If so, is it possible to edit the XML by hand and send that? Obviously, the negative value reporting has to be valid as per the IT rules also.

The Capital gains item of the FSI schedule is only reporting .... does not affect any other values and hence does not affect tax computation. On the other hand, sched CG values do affect tax calculation.

Atul

Akshay (mr.) (26 Points)
Replied 02 August 2015

Hi Atul,

Thanks for the X M L tip. However, the XML schema document for ITR2 mentions the base as "unsignedLong" for this entry. So, I guess if I manually edit the generated X M L and add the minus sign, it won't pass validation when uploaded.

Though the tax calculation shall be correct by including the LTCL in schedule CG, I shall be (slightly) mis-reporting capital gains as 0 instead of loss in schedule FSI.

thanks and regards,

akshay

Atul (Others) (71 Points)
Replied 03 August 2015

you are right. Can't just put in a negative value in the XML. But if LTCL (foreign shares) is deductible then I guess that is a defect in the XML validation rules.