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How to Fill Long Term Capital Gain in ITR 2?

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0 2024-07-31T08:43:14+00:00

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how to fill long term capital gains in ITR 2

. Filing Long-Term Capital Gains (LTCG) in ITR-2 in India involves reporting the gains from the sale of capital assets held for more than a specified period.

How To Fill Long Term Capital Gain in ITR 2?

ITR-2 is used by individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. Here's a step-by-step guide:

  • Collect Necessary Information

  1. Details of the asset sold: Date of purchase, purchase price, date of sale, sale price.

  2. Indexed Cost of Acquisition: Use the Cost Inflation Index (CII) to calculate the indexed cost of acquisition and improvement.

  3. Details of expenses: Include any expenses incurred in connection with the sale, such as brokerage or legal fees.

  • Fill in your personal details, such as name, PAN, address, and contact information.

  • Long-term capital gains (LTCG) on sale of listed equity shares or equity-oriented mutual funds: Report under section 112A. Gains above Rs. 1 lakh are taxable at 10%.

  1. Full value of consideration: Mention the sale price.

  2. Deductions: Include cost of acquisition, indexed cost of acquisition, and any transfer expenses.

  • LTCG on other assets (like property, gold, unlisted shares):

  1. Full value of consideration: Mention the sale price.

  2. Deductions: Enter the indexed cost of acquisition, indexed cost of improvement, and transfer expenses.

  • Enter details if you're claiming exemptions under Sections 54, 54EC, or 54F. If applicable, report any long-term capital losses from previous years that you wish to set off against the current year's gains.

  • Report any remaining unabsorbed losses that can be carried forward to subsequent years. Fill in the verification section, ensuring that all the information provided is accurate and complete.

  • E-verify the return using methods like Aadhaar OTP, net banking, or by sending a signed physical copy (ITR-V) to the Centralized Processing Centre (CPC) within 120 days of e-filing.

  • For paper filing, sign and submit the ITR-2 form at the designated income tax office.

Filing LTCG in ITR-2 requires accurate reporting of gains and claiming eligible deductions or exemptions. This is how to fill LTCG in ITR 2.

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0 2024-04-19T08:07:45+00:00

Wondering

how to fill long term capital gain in ITR 2

? Filling long-term capital gains (LTCG) in ITR-2 (Income Tax Return Form 2) involves reporting gains from the sale of assets like property, stocks, mutual funds, etc., held for more than a specified period.

Here's a step-by-step guide on how to fill long term capital gains in ITR 2:
  • Visit the Income Tax Department's e-filing portal (

    https://www.incometax.gov.in/iec/foportal/

    ) and download the latest version of the ITR-2 form applicable for the assessment year.

  • Fill in your personal details such as name, PAN, address, and other required information in the applicable sections of the form.

  • In the 'Income Details' section, navigate to the Schedule CG (Capital Gains) to report your long-term capital gains. Here's how to fill it.

  • In this section, you'll report details of your capital gains from various assets.

    • Part A

      : Provide general information like your PAN, name, and details of the asset sold.

    • Part B

      : This section requires details of the long-term capital gains eligible for exemption under various sections like 54, 54B, 54D, etc. If you've reinvested LTCG in specified assets to claim exemptions, provide the relevant details here.

    • Part C

      : Report the taxable long-term capital gains. Calculate the gains by deducting the indexed cost of acquisition/improvement from the full value of consideration received on sale.

    • Part D

      : If you've incurred expenses on the sale transaction, such as brokerage fees, legal fees, etc., report them here.

  • After entering all relevant details, compute your tax liability on LTCG. Long-term capital gains are taxed at a flat rate of 20% (with indexation benefits) for most assets, except for equity shares and equity-oriented mutual funds, which are subject to a special rate of 10% without indexation if the gains exceed ₹1 lakh.

  • Report any advance tax paid, self-assessment tax, or TDS (Tax Deducted at Source) related to LTCG in the applicable sections.

  • After filling in all the required details accurately, verify the information provided and submit the ITR-2 form electronically. You can verify the return using Aadhaar OTP, net banking, or by generating an Electronic Verification Code (EVC).

  • Upon successful submission, you'll receive an acknowledgment (ITR-V) on your registered email address. Keep this acknowledgment for your records.

This is how to fill long term capital gain in ITR 2

.

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