ITR-2 Form for Income from Capital Gains

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By Hiral Vakil on March 7, 2019

What is ITR-2?

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.

Last date to file ITR-2
31st July of Assessment Year

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

Who can file ITR-2?

ITR-2 can be filed by an individual or a Hindu Undivided Family (HUF) whose total income includes:

Further, ITR-2 can be used where the income of another person is clubbed with a taxpayers income provided such income falls in any of the above categories.

How to file ITR-2?

Who can not file ITR-2?

  • An individual whose total income includes Business or Professional income.
  • A taxpayer earning income from Partnership Firm can not file ITR-2. For declaring these types of Income, you may file ITR-3 or ITR-4.
Know your ITR
Don't know which ITR to file? Determine correct ITR using this tool

List of documents required to file ITR-2

You should gather the following documents for a smooth process.

Essential documents:

  • PAN (Permanent Account Number)
  • Aadhaar Card
  • Bank account details
  • TDS certificates
  • Challan of taxes paid
  • Details of original return if filing revised return
  • Details of notice if filing in response to the notice

Documents on the basis of a type of Income:

  • Salary Income
    • Form-16/ Salary slips received from your employer and
    • Pension statement/passbook.
  • House/Property Income
    • Co­owner details in case the property is co­owned,
    • Address of the property,
    • In case of house/property loan ­ Interest certificates/repayment certificate from a bank,
    • In case of let out property Rent agreement.
  • Other sources
    • Savings/current account statements/Passbook.
    • Interest certificates for deposits/bonds/NSC.
    • PPF account statement/Passbook.
    • Dividend warrants/counterfoils.
    • Rent agreement in case of let out machinery.
    • Details about receipts of any other incomes.
  • Capital Gains
    • For land/building ­ Sales & Purchase deeds, stamp duty valuation.
    • Details of improvement costs.
    • For securities ­ Contract notes/stock ledgers/trading statement.
    • For other capital assets ­ Cost of purchase, cost of improvement & sales receipts.
    • Details of expenses incurred on a transfer of capital assets.
    • Details of investments in order to claim exemptions.
    • Capital gains deposit account details if any.
  • If you’re eligible for any Section 80 Deductions, you may need to acquire the relevant documents from the list:
    • PPF account statement/Passbook.
    • Fixed deposit certificates/statements.
    • ELSS/ULIP/NSC investment details.
    • Life insurance premium receipts.
    • Medical insurance premium receipts.
    • House/property loan interest certificate/repayment statement.
    • Education loan interest certificate/repayment statement.
    • Tuition fees receipts.
    • Donation receipts.
ITR for Capital Gains from Trading in Stocks View Plan

FAQs:

1. 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 then he/she can file ITR-2.

2. 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.

3. Can I file ITR-2 after the due date?

Yes, ITR-2 can be filed after the due date. It will be considered as a belated return. And late filing fees will be levied while filing a belated return.

4. 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.