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  • Category: Miscellaneous

    Did anyone file ITR 2 for filing short term capital gains from stocks?

    I was helping one of my relative for filing his IT returns. His only income is bank interest and capital gains from stocks. He has both long term and short term capital gains. So, we thought of using ITR 2 Java Utility. Since his income doesn't exceed minimum threshold of Rs. 2,50,000, he need not to pay any tax. But the problem is, after filling information in Schedule CG about short term capital gains, Schedule SI calculates 15% tax on total short term capital gains. It doesn't deduct the Standard Deduction amount of Rs, 2,50,000. It asks to pay certain amount of tax even though his total income doesn't exceed Rs, 2,50,000. Did anyone face such problem while filing their ITR 2? Please don't shift the question to AE section as he doesn't have time.
  • #604569
    Please see the following video for complete guidance:-¶m1=sid%3D677%3Aaid%3D2026%3Aver%3D0%3Atm%3D-1%3Asrc%3Dhmp%3Alng%3Den%3Aitype%3De%3Auip%3D2016977730%3Aup%3DaXRyIDIgZmlsaW5nIGd1aWRhbg%253D%253D

    Also read:-

    Beware! I question everything and everybody.

  • #604571
    Partha sir, I have watched many videos and read many web pages. Even I have gone through the links you have provided. These are giving description about filling ITR 2. Those, who come under 5%, 20% or 30% bracket won't find this problem because they have to pay 15% tax on their short term capital gains irrespective of their tax bracket. My relative is in a peculiar situation. He doesn't come under any of these tax brackets. Then why should he pay tax on short term capital gains.

  • #604580
    I am sorry that I can't provide further guidance in this regard because I fill up ITR-I. So, in this case you have to contact any tax consultant in your neighbourhood. Let him/her fill up the return in your presence and you have to learn the process. This will help you filing return on your own during the subsequent years.
    Beware! I question everything and everybody.

  • #604585
    There may be some problem with IT program or system because I have seen a similar case 2 years back and system did not compute tax as the total income was below the threshold.

    As per rule first it will see the total income if it is more than 250000 only then it will compute tax by breaking it in two parts as rates are different for different types of income.

    Even after that if some figure comes it will be reduced by a fixed amount which I think is 5000 at present.

    I am very sure about it and until unless there is drastic change in some rules not known to me it should not happen.

    There may be some mistake in selecting the menu or figures. You can check it. As there is no tax liability you can submit it leisurly also upto 31st Mar18.

    Knowledge is power.

  • #604614
    Kindly ask your friend to fill up the form ITR 2 manually first to work it out in detail, and then try to submit the same on line.
    No life without Sun

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