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Samkit Maniar | Answer |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

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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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Anil Rego | Answer |Ask -Follow

Financial Planner - Answered on Nov 13, 2020

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.

Mihir Tanna |1070 Answers |Ask -Follow

Tax Expert - Answered on Jul 21, 2023

Asked by Anonymous - Jul 21, 2023Hindi

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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.

Moneywize | Answer |Ask -Follow

Financial Planner - Answered on Apr 27, 2024

Asked by Anonymous - Apr 27, 2024Hindi

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I had invested Rs 20 lakh in MFs. I got Rs 90,000 as swp on this fund in this financial year. Shall i file ITR II or ITR I?

Ans: You can likely file ITR I in this scenario.

Here's why:

SWP (Systematic Withdrawal Plan) withdrawals from equity-oriented mutual funds held for more than a year are considered long-term capital gains. Up to Rs 1 lakh of long-term capital gains from equity funds are exempt from tax every financial year.

In your case, the SWP amount (Rs 90,000) is less than the exempt limit (Rs 1 lakh) for long-term capital gains from equity funds. Therefore, you likely won't have any capital gains tax to pay.

ITR I is generally for individuals with income from salary, pension, one house property, and other sources like interest income, which typically applies to SWP withdrawals if they are not capital gains.

However, it's important to consider these additional factors:

• Type of mutual fund: If the SWP is from a debt fund (non-equity), then the entire SWP amount is taxable and you might need to file ITR II.
• Other sources of income: If you have other taxable income that pushes you to a higher tax bracket, then filing ITR I or II might depend on the total tax liability.

For a more definitive answer, it's advisable to consult a tax advisor who can consider your specific situation. They can help you determine the tax implications of your SWP and recommend the appropriate ITR form to file.

T S Khurana |502 Answers |Ask -Follow

Tax Expert - Answered on Nov 26, 2024

Question by Basab - Aug 26, 2024Hindi

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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.

T S Khurana |502 Answers |Ask -Follow

Tax Expert - Answered on May 17, 2025

Question by Chandran - May 02, 2025

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Sir, NRI daughter had LTCG income in FY23-24 and IT returns was filed in ITR-2 as per rules. In FY24-25 there is no taxable income and there is no LTCG also. In such a case, filing may not be required but she would like to file just to keep the records straight. My query is which ITR form is to be used in this case? In case if ITR-2 is not required, is there anything wrong in using ITR-2 itself?

Ans: You may file ITR of your daughter in Form No ITR-2. Hope you won't face any problem in this connection.
Most welcome for any further clarifications. Thanks.

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Hello sir, my son's rank in jee mains rank 25156 he got admission in electrical in silchar in josaa round, not in csab 1st round he got mechanical in kurushetra nit and he got admission in bits pillani rajeshthan for manufacturing engineering sir we are confused that whether we have to wait for 2nd and 3rd rounds in csab or he has good prospect in bits ,please guide us for good prospect for my son

Ans: Your son’s admission options include Electrical Engineering at NIT Silchar through JoSAA, Mechanical Engineering at NIT Kurukshetra via CSAB Round 1, and Manufacturing Engineering at BITS Pilani. NIT Silchar’s Electrical branch shows consistent placement rates around 80% with top recruiters like Amazon, offering average packages near Rs 12 LPA. NIT Kurukshetra’s Mechanical branch has an approximate 80% placement rate, with major industrial recruiters and average packages in the Rs 7.5-8.2 LPA range. BITS Pilani, known for its exceptional academic environment and strong industry connections, particularly excels in placements with nearly 90-100% of students placed, offering average packages in the range of Rs 18-20 LPA. Its manufacturing engineering branch benefits from this robust ecosystem despite lack of specific branch-wise data. Considering academic reputation, faculty quality, infrastructure, placement opportunities, and alumni network, BITS Pilani provides the most promising overall prospects. NIT Silchar and NIT Kurukshetra have good regional standing and opportunities but comparatively moderate placement outcomes.

The recommendation is to prioritize admission at BITS Pilani for Manufacturing Engineering due to superior placement outcomes, institutional prestige, and strong industry ties. If BITS is not preferred or feasible, NIT Silchar (Electrical) is a better option than NIT Kurukshetra (Mechanical). Waiting for further CSAB rounds is only advisable if aiming for significantly better branches or colleges aligned with your son’s rank. All the BEST for a Prosperous Future!

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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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