Which ITR if I have Capital Gains?

#1
From the income tax e-filing portal, I could not find the details on where to specify my capital gains?
I am a salaried person and I do some equity investing on my own. How can I specify my capital gains and dividends while e-filing?
 
#6
I have following incomes
1) Salary
2) Interest income form FD/NCD
3) Capital gain
4) Losses in Future/Options

I understand that for first three I can file ITR-2. But my doubt is regarding 4th. As per my understanding 4th would be treated as business losses. Do I need to file ITR-4? If yes, Do I need to get audit for my income or other formalities?

As I have losses in Future and Option, Can I choose not show these losses and file ITR-2? In that case I would be paying bit higher tax, but I can save a big head ache for me. I know if I am hiding my income that is illegal. But is it illegal if I am hiding my losses?
 

Atiker

Active member
#8
Last day to file IT return.

I am getting confusing information on internet, can someone confirm what is the last day for filling income tax return this year for salaried person.
 
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paran

Active member
#10
I wanted to file my income tax but in 26AS form I have noticed that even though ICICI direct deducted TDS on my last year's Coal India's OFS sale, didn't pay the same to IT department.

I sent an email to ICICI but no proper response till now. Though got a response which is not sufficient to solve this matter.

As the end date is nearing how to proceed further?

Please help.

Also another question is that if we have a short term capital gain, can we deduct brokerage paid from the taxable amount?

Thanks!!
 

Alchemist

Administrator
Staff member
#11
Also another question is that if we have a short term capital gain, can we deduct brokerage paid from the taxable amount?
Yes, brokerage and all charges directly related to the sale can be deducted.

The only exception is STT which cannot be used as an "expense".
 

paran

Active member
#15
Finally my 26AS got updated with the ICICI direct TDS information.

1. If I have a capital gains from the debt fund how much % of Tax should I pay on the gain (I am at the lower Tax bracket).

2. Suppose I make two transactions in equity. One is long term gain and another one is short term gain. Now can I deduct the brokerage of that long term gain from short term capital gains for the Tax purposes?

Thanks
 

Alchemist

Administrator
Staff member
#16
1. If I have a capital gains from the debt fund how much % of Tax should I pay on the gain (I am at the lower Tax bracket).

2. Suppose I make two transactions in equity. One is long term gain and another one is short term gain. Now can I deduct the brokerage of that long term gain from short term capital gains for the Tax purposes?
1. See this article:

Mutual Funds Tax Reckoner for Financial Year 2015-16 – Individuals, HUFs, NRIs & Domestic Companies

2. No you can't. You can only deduct expenses that are wholly and exclusively related to the short-term transactions being considered.
 

paran

Active member
#17
Hi Alchemist,

Thanks for the reply.

From the link I see that

Non-Equity Mutual Funds – Units of non-equity mutual funds held for more than 36 months qualify as long-term capital asset and long term capital gains (LTCG) on non-equity mutual funds are taxed at 20% with indexation, while short term capital gains on non-equity mutual funds are taxed as per the slab rate of the individual/HUF investor.
My total income is below 1 lakh. So can I claim back all of the TDS amount deducted?
 
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