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Samkit Maniar |180 Answers |Ask -Follow

Tax Expert - Answered on Jun 18, 2024

CA Samkit Maniar has eight years of experience in income tax, mergers and acquisitions and estate planning.
He has graduated from Mumbai’s N M College of Commerce and Economics and has completed his CA from The Institute of Chartered Accountants of India."... more

Question by MOHAN on Jun 17, 2024Hindi

Money

I have to file ITR-2 for reporting LTCG from MFs. Am confused as i am filing ITR2 for the 1st time. Whats scrip-wise reporting? Whats the use of .csv file? Pl explain with example, if possible. Thanks n warm regards.

Ans: Scrip wise reporting is reporting for each class of mutual funds ie You may have liquidated Mirae Asset Tax Saver Direct Growth plan and several others how much capital gains has arisen from each mutual fund will need to be stated.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Question by Lekshminarayanan - Nov 13, 2020Hindi

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I am using ITR 2 because I have LTCG from sale of MF units. My question is: Is it mandatory to fill in the Sec 112 A sheet in the ITR 2 form? In that sheet there is a column called ISIN code and the units that I sold belong to a scheme called UTI MEPUS and UTI does not have an ISIN code for this scheme!! I emailed UTI asking for the code and they replied they can't help me. What do I do? Fortunately, my profits are long term and in thousands, so no tax liability. Can I skip the CG sheet altogether?

Ans: As per the CBDT, scrip wise details are not required in income tax return forms for AY 2020-21 in cases where one is not eligible for the grandfathering concession. Since your capital gains are smaller, you can file your return without claiming the grandfathering benefit.

Long term capital gains from equity MF are exempt from tax up to Rs 1 lakh in a financial year. Thus, it would not have an impact on your computation either.

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Question by MADANLAL - Aug 29, 2022Hindi

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I am regular Rediff reader. Sir, 1) I am earning through share trading, my income is up to 5 lakh. Please advise which ITR form I have to file. 2) And if my income is with salary and share trading up to 5 lakh, then which ITR form I have to file.

Ans: In both the cases you can use ITR 2 to file your tax returns.

ITR 2 is used to file tax when you have income from salary, income from house property, income from capital gain and loss (in your case shares), foreign income, etc.

Mihir Tanna |1018 Answers |Ask -Follow

Tax Expert - Answered on Jul 21, 2023

Asked by Anonymous - Jul 21, 2023Hindi

Money

Dear Mihir , I am salaried employee and have been filing my ITR return since 10 years under Form 1. (which is fairly simple). Last FY for the first time I sold out some of my equity shares and that makes me ask you following .How to report LTCG and STCG in the Form 2.(This form looks very comprehensive comparing to Form 1 ). Could you please simplify the steps involed to report my above Capital gains and conclude my Return before 31 st July.

Ans: If you file ITR in online mode, in capital gain schedule you will find 2 options to report STCG and LTCG.

STCG is covered in Sec 111A and LTCG is covered in 112A wherein you can provide required details. You are also required to provide quarter wise details of gain in given schedule.

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Question by Basab - Aug 26, 2024Hindi

Money

Would you please clarify the following doubts in regards to MF related ITR filing? 1. While filling ITR2 for MF, is the fair market value of units as on 31.01.18 is required,if units are purchased only last year and intend to sell this year. 2. Where I would get FMV as on 31.01.18 for my older units.Is it the NAV on 31.01.18? 3. For units which were initiated/started after 31.01.18, and purchased two/ three years back, only sell price and acquisition cost are sufficient? 4. Are the FMV available in AIS in ITax portal? Thank you

Ans: 01. FMP is required only in cases, where Shares/MFs were purchased before 31.01.2018.
02. Shares/MFs purchased last year or after 31.01.2018 will not require any such details.
03. I feel, FMV is not available in AIS (IT Portal).
Most welcome for any further clarifications. Thanks.

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Sir, my son studied 11th from karnataka school and 12th he will be preparing for jee from hyderabad, and will do schooling from there. Will he be eligible to attend kcet exam as he did his schooling till 11th from bangalore. Does it impact eligibility for kcet and other bangalore college exams?

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Mid-Tier NITs: Institutes like NIT Durgapur, NIT Jamshedpur, and NIT Calicut may offer branches such as Electrical Engineering (EE), Mechanical Engineering (ME), or Chemical Engineering.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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