Wondering how to fill long term capital gain in ITR 2? Filling long-term capital gains (LTCG) in ITR-2 (Income Tax Return Form 2) involves reporting gains from the sale of assets like property, stocks, mutual funds, etc., held for more than a specified period.Here's a step-by-step guide on how to fill long term capital gains in ITR 2:
Visit the Income Tax Department's e-filing portal (https://www.incometax.gov.in/iec/foportal/) and download the latest version of the ITR-2 form applicable for the assessment year.
Fill in your personal details such as name, PAN, address, and other required information in the applicable sections of the form.
In the 'Income Details' section, navigate to the Schedule CG (Capital Gains) to report your long-term capital gains. Here's how to fill it.
In this section, you'll report details of your capital gains from various assets.
Part A: Provide general information like your PAN, name, and details of the asset sold.
Part B: This section requires details of the long-term capital gains eligible for exemption under various sections like 54, 54B, 54D, etc. If you've reinvested LTCG in specified assets to claim exemptions, provide the relevant details here.
Part C: Report the taxable long-term capital gains. Calculate the gains by deducting the indexed cost of acquisition/improvement from the full value of consideration received on sale.
Part D: If you've incurred expenses on the sale transaction, such as brokerage fees, legal fees, etc., report them here.
After entering all relevant details, compute your tax liability on LTCG. Long-term capital gains are taxed at a flat rate of 20% (with indexation benefits) for most assets, except for equity shares and equity-oriented mutual funds, which are subject to a special rate of 10% without indexation if the gains exceed ₹1 lakh.
Report any advance tax paid, self-assessment tax, or TDS (Tax Deducted at Source) related to LTCG in the applicable sections.
After filling in all the required details accurately, verify the information provided and submit the ITR-2 form electronically. You can verify the return using Aadhaar OTP, net banking, or by generating an Electronic Verification Code (EVC).
Upon successful submission, you'll receive an acknowledgment (ITR-V) on your registered email address. Keep this acknowledgment for your records.
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How to Fill Long Term Capital Gain in ITR 2?
naina
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April 19, 2024
2024-04-19T07:58:12+00:00 2024-04-19T07:58:13+00:00Comment
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