ITR-2 Filing
Capital gains, multiple properties, foreign assets.
ITR-2 covers individuals and HUFs who do not have business or professional income but whose affairs are past the simplicity ITR-1 assumes: shares and mutual funds sold, a second property, or anything held abroad.
Schedule CG is where most of the work sits. Equity and debt are taxed differently, grandfathering applies to listed equity held before 31 January 2018, and set-off of losses across short and long term has its own ordering rules.
Schedule FA is where the risk sits. A resident holding any foreign asset or signing authority must disclose it whatever their income, and non-disclosure under the Black Money Act carries a ₹10 lakh penalty per year, independent of any tax.
What is included
- Capital gains computed with grandfathering and indexation
- Loss set-off and carry-forward ordering applied
- Schedule FA for foreign assets
- Filed and e-verified
What we need from you
- Broker and mutual fund capital gains statements
- Property purchase and sale deeds
- Foreign asset and account statements
- Form 16, Form 26AS and the AIS
Questions
What is grandfathering in capital gains?
For listed equity and equity mutual funds held on 31 January 2018, the cost is taken as the higher of the actual cost and the fair market value on that date. It means gains that accrued before long-term equity became taxable are not taxed now.
Also in Income tax
Talk to us
Get started with ITR-2 Filing
Tell us a little about the business and a chartered accountant will call you back. You will get a firm quote before any work begins.
- A qualified accountant on the call, not a call centre
- A firm quote before any work begins
- Your details are never sold or shared