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AY 2021-22 File ITR 2 Form for Income from Capital Gains

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Hiral Vakil

Capital Gains
HUF
Income Heads
ITR Form
ITR-2
Last updated on June 22nd, 2021

What is ITR 2 Form?

ITR 2 Form is the Income Tax Return form for all those individuals and HUFs who do not have any sort of Business or Professional Income. This means any individual having Salary, House Property, Capital Gains and Other Sources can file ITR 2.

Other important income tax documents include Form 16, Form 26ASForm 12BBForm 10BA and Form 15G/ 15H.

ITR 2 Form for Capital Gains Income
Download the ITR 2 Form for Capital Gains Income for AY 2021-22
Download
ITR 2 Form for Capital Gains Income
Download the ITR 2 Form for Capital Gains Income for AY 2021-22
Download

Up to FY 2018-19 (AY 2019-20), it was not mandatory to file Income Tax Return if the total income was less than the basic exemption limit. However, Budget 2019 inserted the seventh proviso to Section 139(1). As per this new provision, if a taxpayer has entered into high-value transactions, it is mandatory to file the ITR even if the total income does not exceed the basic exemption limit. The high-value transactions can be either of the following:

  1. If the taxpayer has deposited more than INR 1 Cr in a current account
  2. If the taxpayer has incurred foreign travel expense of more than INR 2 lacs
  3. Or, if the taxpayer has incurred electricity expense of more than INR 1 lac
File Your ITR for
Capital Gains

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File Your ITR for

Capital Gains

India’s fastest growing Tax Filing Platform

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ITR 2 Form Breakdown

The ITR 2 Form has 25 sections that are needed to be filled before reviewing and submitting the return after paying the tax and finally verifying the return. These sections are as follows:

Who can file ITR-2?

It can be filed by an individual or a Hindu Undivided Family (HUF) whose total income includes:

Further, it can be used where the income of another person is clubbed with a taxpayer’s income provided such income falls in any of the above categories.

Who can not file ITR-2?

File ITR 2 Online using Income Tax Website

  1. General Information

    Fill in the general information which consists of your contact, personal information, filing status & bank details. www.incometax.gov.in - General Information for ITR 2 Filing

  2. Schedule Salary, House Property & Other Sources

    In Schedule Salary, you need to review, enter, edit details of your income from salary or pension, exempt allowances and deductions u/s 16.
    Under schedule house property, you need to review, enter & edit details relating to house property (self-occupied, let out, or deemed let out). The details include co-owner details, tenant details, rent, interest, pass through income etc.
    and, under schedule other sources, you need to review, enter and edit details of all your income from other sources, including (but not limited to) income charged at special rates, deductions u/s 57 and income involving race horses.
    www.incometax.gov.in - Schedule Salary

  3. Schedule Capital Gains

    Capital Gains arising from sale or transfer of different types of capital assets have been segregated. In a case where capital gains arises from sale or transfer of more than one capital asset, which are of same type, please make a consolidated computation of capital gains in respect of all such capital assets of same type. But in case of transfer of land / building, it is mandatory to enter the computation towards each land / building. In Schedule Capital Gains, you need to enter details of your short term and long term capital gains or Losses for all types of capital assets owned.

  4. Schedule 112A & Schedule 115AD(i)(iii) Proviso

    Under Schedule 112A, you need to review, enter and edit details about sale of equity shares of a company, an equity-oriented fund, or a unit of a business trust on which STT is paid.
    Schedule 115AD (1)(iii) proviso involves entering the same details as for Schedule 112A but is applicable to non-residents.www.incometax.gov.in - 112A & 115AD(i)(iii)

  5. Schedule Current Year’s Loss Adjustment (CYLA)

    In Schedule Current Year’s Loss Adjustment (CYLA), you will be able to view details of income after set-off of current year losses. The unabsorbed losses allowed to be carried forward out of this are taken to Schedule CFL for carry forward to future years.www.incometax.gov.in - Schedule CYLA

  6. Schedule Brought Forward Loss Adjustment (BFLA)

    You can view the details of income after set-off of brought forward losses of earlier years.www.incometax.gov.in - Schedule BFLA

  7. Schedule Carry Forward Loss

    You can view the details of losses to be carried forward to future years.www.incometax.gov.in - Schedule CFL

  8. Schedule VI-A

     you need to add and verify any deductions you need to claim under Section 80 – Parts B, C, CA, and D of the Income Tax Act.www.incometax.gov.in - Schedule VI-A

  9. Schedule AMT

    You need to confirm the computation of Alternate Minimum Tax payable u/s 115JC.www.incometax.gov.in - Schedule AMT

  10. Schedule AMTC

    You need to add details of tax credits u/s 115JD.www.incometax.gov.in - Schedule AMTC

  11. Schedule SPI

    You need to add the income of specified persons (e.g. spouse, minor child) that is includable or required to be clubbed with your income as per Section 64.www.incometax.gov.in - Schedule SPI

  12. Schedule EI

    You need to provide your details of exempt income i.e., income not to be included in total income or not chargeable to tax. The income types included in this schedule include interest, dividend, agricultural income, any other exempt income, income not chargeable to tax through DTAA and pass through income which is not chargeable to tax.

  13. Schedule SI

    You will be able to view the income that is chargeable to tax at special rates. The amount under various income types are taken from the amounts provided in the relevant Schedules i.e., Schedule OS, Schedule BFLA.

  14. Schedule PTI

    You need to provide details of pass through income received from business trust or investment fund as referred to in section 115UA or 115UB.www.incometax.gov.in - Schedule PTI

  15. Schedule Foreign Source Income (FSI)

    You need to report the details of income, which is accruing or arising from any source outside India. This schedule is available for residents only.www.incometax.gov.in - Schedule FSI

  16. Schedule TR

    You need to provide a summary of tax relief which is being claimed in India for taxes paid outside India in respect of each country. This schedule captures a summary of detailed information furnished in Schedule FSI.www.incometax.gov.in - Schedule TR

  17. Schedule FA

    You need to provide details of foreign asset or income from any source outside India. This schedule need not be filled up if you are Not Ordinarily Resident or a Non-Resident.www.incometax.gov.in - Schedule FA

  18. Schedule 5A & Schedule AL

    In Schedule 5A, you need to provide the information necessary for apportionment of income between husband and wife if you are governed by the system of community of property under the Portuguese Civil Code 1860.
    If your total income exceeds ₹50 lakh, it is mandatory to disclose the details of movable and immovable assets in Schedule AL along with liabilities incurred in relation to such assets. If you are a non-resident or resident but not ordinarily resident, only the details of assets located in India are to be mentioned.www.incometax.gov.in - Schedule AL

  19. Tax Paid

    Under Part B, verify all the auto populated rows from the details that you had entered in the schedules. Verify the tax paid details from the previous financial year.

  20. Login to efiling portal

    Login to the income tax efiling portal, i.e, the IT Portal 2.0www.incometaxgov.in-Login

  21. File Income Tax Return

    Click on eFile > Income Tax Returns > File Income Tax Returnwww.incometaxgov.in - File Income Tax Return

  22. Assessment Year and Mode

    Select the appropriate assessment year and select the online mode and click on proceed.

  23. ITR Form

    Select the appropriate ITR Form, in this case, ITR 2.www.incometax.gov.in - Select ITR 2

  24. Select the checkboxes

    Next, select the checkboxes applicable to your situation.www.incometax.gov.in - Checkboxes for ITR 2

  25. Review and File ITR

    Finally, review all the details that you had entered previously and pay the tax dues (if any) and submit the return. Once you submit the return, proceed to everify it to complete the process.

Structure of ITR-2

Part/ Schedule Heading Fields
PART A- GENERAL Personal Information Name, Address, Date of Birth, PAN, contact details.
Filing Status Employer Category, Tax status, Residential status, Return filed under the section.
PART B-TI Computation of total income Total Income from all income sources, Losses of the current year set off, Gross Total Income, Deductions under Chapter VI-A.
PART B-TTI Computation of tax liability on total income The Bank Account details, Verification, and TRP details (if any) are to be provided. 
Schedule IT Details of Advance Tax and Self Assessment Tax Payments BSR code, Date of Deposit, Chalan number, Tax Paid
Schedule TDS TDS1: Details of Tax Deducted at Source from SALARY TAN of Employer, Employer Name, Tax Deducted, etc.
Schedule TDS TDS2: Details of Tax Deducted at sources from Income other than Salary (As per FORM 16A) & Details of tax deducted at source on sale of immovable property u/s 194IA (Form 26QB) TAN, Name of Deductor, Year of Deduction, Tax deducted, etc.
Schedule TCS Details of tax collected at source TAN of the collector, Name of Collector, Tax Collected, etc.
Schedule S Details of Income from Salary Name and PAN of the Employer, Address of the Employer, Salary, Perquisites, Allowance, etc.
Schedule HP Details of Income from House Property Details of House Property, Name and PAN of the Co-owners and Tenants, Details of Rent Income, Interest payable on Borrowed Capital, etc.
Schedule CG Capital Gains Details about the Short term and Long term Capital gains, Sales consideration, Cost of Acquisition, Deductions under Section 54,54B,54EC,54F,54GB.
Schedule OS Income from Other Sources A dividend, Interest, Rental income from machinery, Winnings from lotteries, Crossword puzzles, Races, Games.
Schedule CYLA Details of income after set­off of current year losses Details of current year losses and its Inter Headset off
Schedule BFLA Details of income after Set off of Brought Forward Losses of earlier years Details of brought forward losses set off against current year’s income, total brought forward losses set off.
Schedule CFL Details of Losses to be carried forward to the future years Total of earlier year losses, current year losses, Total of carried forward to future years.
Schedule VI-A Deductions under Chapter VI-A Deductions under section 80C, 80CCC, 80CCG, 80D, 80DDB, 80E, 80G, 80TTA.
80G Details of Donations Name of Donee, Address, City or District, State Code, PAN of Donee, Amount.
Schedule SPI The income of specified persons (spouse, minor child, etc.) included in the income of the assessee (income of the minor child, in excess of Rs. 1500 per child, to be included) Name and PAN of Person, Relationship, Nature of Income, Amount.
Schedule SI Income chargeable to income tax at special rates Description of Special Rate Income, Special Rate, Income, Taxable Income after adjusting min. chargeable to tax, Tax thereon.
Schedule EI Details of Exempt Income (Income not to be included in Total Income) Interest income, Dividend, Agricultural Income.
Schedule PTI Details of Income from Business Trust or Investment Fund  Details of Income earned from Business Trust or Investment Fund as per section 115UA, 115UB. 
Schedule FSI Details of Income from outside India and tax relief A country, Head of income, Income from outside India, Tax paid outside India, Tax payable in India, Relevant article of DTAA if relief is claimed u/s 90 or 90A
Schedule TR Summary of tax relief claimed for taxes paid outside India Details of tax relief claimed
Schedule 5A Information regarding the appointment of income between spouses governed by Portuguese Civil Code Name and PAN of a spouse, Income received under different heads, Amount appointed in the hands of the spouse, TDS details.
Schedule FA Details of Foreign Assets and Income from any source outside India Details of foreign bank accounts, financial interest in any entities, Immovable Properties, Other Capital Assets.
Schedule AL Details of Assets and Liabilities Details of an immovable asset, Details of a movable asset, Interest held in the asset of a firm or AOP.

Document Checklist

You should gather the following documents for a smooth process.

Essential documents:

Documents on the basis of a type of Income:

Earned Capital Gain during the year?
Let our experts file ITR for you.
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Earned Capital Gain during the year?
Let our experts file ITR for you.
[Rated 4.8 stars by customers like you]

Sample ITR-2 Form for AY 2021-22

AY 2021-22 ITR 2 - Income from Capital Gains
Income Tax Calendar
Don't miss another Income Tax due date. Check out this amazing tax calendar for 2020 by Quicko.
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Income Tax Calendar
Don't miss another Income Tax due date. Check out this amazing tax calendar for 2020 by Quicko.
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Major Changes in ITR 2 for AY 2021-22

Major Changes in ITR 2 for AY 2020-21

Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore
Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore

FAQs

Can NRI file ITR 2?

Yes, NRI can file ITR-2, if NRI is earning any salary income, rental income, capital gain income, or interest income.

Can I file ITR 2 in case of income from partnership firm?

No. If you are a partner in partnership firm/LLP then you need to file ITR-3. You need to enter details of the firm in which you are a partner and then add details of your income form that firm.

Can I file ITR 2 after the due date?

Yes, it can be filed after the due date. It will be considered a belated return. And late filing fees will be levied while filing a belated return.

Can I file ITR 2 if I have sold the house during the year?

Any consideration received from the sale of a property will be covered under the head income from Capital Gain. Hence you can file ITR-2 for reporting capital gain.

Got Questions? Ask Away!

  1. Hey @TeamQuicko

    Thanks for the blog! Just one quick question - Why do we have to report a quarterly breakdown of Dividend Income under IFOS?

    Thank you!

  2. I had received dividend recently but I had noticed that TDS had been deducted. any idea as to why has it happened and is there a way I can claim this TDS?

  3. Hey @HarshitShah

    After the introduction of Budget 2020, dividend income is now taxable in the hands of the shareholder; and is also subject to TDS at 10% in excess of INR 5000 u/s 194 & 194K. Foreign Dividend is taxable at slab rates. TDS is not applicable to such dividends. The taxpayer should report such income under the head IFOS in the ITR filed on the Income Tax Website.

    Hope this helps!

  4. Hi @ameyj

    The amount of TDS deducted shall reflect in your Form 26AS only and it will also reflect the name of the deductor.
    Using the name of the deductor you can find out on which share you have received the dividend and you can also cross-check the same in your bank statement.

    Yes, you are right, TDS is to be deducted when the dividend paid exceeds 5000 INR in a financial year. However, the 5,000 INR limit pertains to all the dividends an individual gets in a year, or the total dividend per shareholder that a company pays out in a year, is left to interpretation, and hence registrars and share transfer agents (RTA) are not taking any chances and are deducting TDS even on small amounts.

    Hope this helps :slightly_smiling_face:

  5. Hi @TeamQuicko

    Consider that I have 10 shares each of 10 different Indian companies. Each of the 10 companies are declaring a dividend of INR 100 before the FY ends. Now I will be recieving 1000 as dividend from each company, thereby a total of 10,000.

    The 5,000 dividend limit, is it applicable to each company / total dividend recieved by me in a year. If it is applicable to each company, then I would not attract TDS of 10% for dividend.

    Also pl clarify, how would the company B know that I have got shares of Company A,C,D,E so on…

  6. Hey @Abdul_Kaleem_shah

    As per sec.194 of income tax act, TDS liability will arise when the amount of such dividend or the aggregate of the amounts of such dividend distributed or paid or likely to be distributed or paid during the financial year by the company to the shareholder, exceeds 5000 Rs.

    Here, the term company not includes aggregate companies and hence limit of 5000 Rs. should be applicable to each company.

    Here, you can read below article covering TDS on dividend income:

    Since, it is purely based on interpretation and ambiguous as opinion vary from experts.

  7. Hey @TeamQuicko

    I tried to file ITR-3 via Quicko’s integration with Zerodha. While filing the ITR, I got an option to switch to the New Tax regime to save additional taxes.
    Since I had some turnover from intraday and FnO (speculative/ business), am I eligible to switch to the new regime through Quicko while filing?
    How do I fill the Form 10-IE? If I haven’t filled the form, would the portal preent me from filing returns altogether?
    Also, once I get rebate (if opted for new regime) / pay dues (if opted for old regime), do I need to go through the hassles of replicating it on the new ITR portal (i.e manually answering the schedule sections)?

    Kind regards

  8. Hi @ChinmayB,

    Yes, you can opt for the new tax regime. However, keep in mind in case a taxpayer has business income and they opt for the new tax regime, they can switch to the old tax regime only once.

    If you opt for the new tax regime, you need to file Form 10-IE before filing the ITR

    Here’s how you can file the Form 10-IE

    When filing your ITR through Quicko, you do not need to enter details on the new ITR portal, since Quicko is a ERI (e-return intermediary) registered with the Income Tax Department.

    Note: ITR filing will be enabled on Quicko in the coming week. So stay tuned for more exciting features!

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