mvsoffers (7 Points)
18 June 2024Sir,
My income is below 50 L. I have done few transactions of shares (both long term (above 12 m) and short term. Long term resulted in a profit of around Rs.1000/- where as short term resulted in loss of approximately Rs.500/-. As per clause 112A upto Rs. 1 L profit no capital gains tax is applicable. Am I correct in my understanding. Do I need to file ITR 2 and show the capital gains /loss both long term and short term, Or I can file ITR 1 as I have been doing all along?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 18 June 2024
You need to file ITR 2 & declare all these transactions........
CA Anoop Kumar Sharma
(Accounts Manager)
(2065 Points)
Replied 18 June 2024
sale of shares and securities, you need to file ITR-2, even if your total income is below ₹50 lakh.
Donati
(Self occupation)
(102 Points)
Replied 21 July 2024
To add to the original query, do we need to add each transaction as mentioned in the AIS report, or can we add cumulative data? For example, if I purchased and sold "A" shares on different dates and did the same with B, C, and D shares, can I add all buys and sells, respectively, for A, B, and C and enter the data in the ITR?
If I enter the cumulative data, it seems like I bought and sold shares worth lakhs. Whereas on a particular date, I would have spent or bought shares worth only thousands.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 21 July 2024
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