If an individuals LTCG gain is more than 10 lakhs in a year, does he have to file balance sheet? would he have to declare his his holdings too?
Abhijit Jain
(Entrepreneur)
(60 Points)
Replied 02 March 2017
hello Samir, thanks for replying.
I was wondering what if he doesnt have any business, not salaried , or no source of income, does he still have to file B/S? I have read somewhere that when one doesnt have ay income source he doesnt need to file B/S considering ltcg gain.
CA Chandan Sharma
(Chartered Accountant)
(283 Points)
Replied 02 March 2017
Hi Abhijit
In your case ITR-2 is applicable for filing the return of income and there is no such requirement to file balance sheet.
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