Are there any relevant sections in Income Tax Act which allows taxpayers to utilize ITR1, instead of ITR2 under following mentioned scenarios (if short term and long term capital gain is below 1 lac during redemption of equity mutual funds). (Note :- I have seen such clause in Income Tax Official Website, but can't retrive.)
i) Mr A (govt employee, salary Rs.8,00,000/-), bought some listed equity mutual fund on Dec 2020 and sold it on Nov 2021. The total profit was Rs.10,000. (Below 1 lakh). No STT was deducted during redemption. Can Mr. A use ITR1, instead of ITR2, since Rs.10,000 is below Rs. 1 lac.
ii) Mr A (govt employee, Salary Rs. 8,00,000/-), bought some listed equity mutual fund on Dec 2020 and sold it on Nov 2022. The total profit was Rs.12,000. (Below 1 lakh). No STT was deducted during redemption. Can Mr. A use ITR1, instead of ITR2, since Rs.12,000 is below Rs. 1 lac.
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