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Capital Gains Computation (Equity, MF, Property)
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Old vs New Regime Tax Comparison
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ITR-2 is the income tax return form prescribed under the Income Tax Act, 1961 for individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. It is the appropriate form for taxpayers with income from salary, house property, capital gains, other sources, and foreign income or assets.
Unlike ITR-1 (Sahaj), which is limited to simple salary cases with income up to ₹50 lakh, ITR-2 accommodates complex income scenarios including capital gains from equity shares, mutual funds, and immovable property, income from multiple house properties, foreign income and asset disclosures under Schedule FA, and returns filed by NRIs and RNORs.
The form includes dedicated schedules for capital gains (Schedule CG), foreign assets (Schedule FA), and other source income (Schedule OS) - making it the most suitable return form for investors, NRIs, company directors, and individuals with diversified income sources.
At IncorpX, we provide expert-led ITR-2 filing support with thorough capital gain computation, Schedule FA preparation, 26AS and AIS reconciliation, and DTAA assistance for NRIs. The goal: accurate, compliant filing that protects your tax positions and minimises notice risk.
What is ITR-2?
ITR-2 is a prescribed income tax return form issued by the Central Board of Direct Taxes (CBDT) for individuals and HUFs whose income does not include any profits or gains from business or profession. It is more detailed than ITR-1 and allows reporting of complex income heads that the simpler form cannot accommodate.
The form covers five major income heads: salary and pension, income from house property (including multiple properties), capital gains (short-term and long-term across all asset classes), income from other sources (interest, dividends, gifts), and foreign income. It does not apply to taxpayers with business or professional income - such cases require ITR-3 or ITR-4.
ITR-2 includes specialised schedules such as Schedule CG (capital gains from equity, debt, property, and other assets), Schedule FA (foreign assets and income for residents), Schedule 112A (scrip-wise LTCG on listed equity), and Schedule AL (asset and liability statement for income above ₹50 lakh).
Key Aspects of ITR-2:
No Business Income:
Exclusively for individuals and HUFs without any income from business or profession.
Capital Gains Reporting:
Detailed Schedule CG for STCG, LTCG, exemptions under Sections 54/54EC/54F, and set-off rules.
Foreign Asset Disclosure:
Mandatory Schedule FA for resident taxpayers with overseas bank accounts, investments, or property.
NRI and RNOR Support:
Handles residential status declaration and India-sourced income reporting for non-residents.
Did You Know?
Filing ITR-2 with the wrong form - for example, using ITR-1 when you have capital gains - can result in a defective return notice under Section 139(9). The department may require you to refile within 15 days, and non-compliance can result in the return being treated as invalid.
Who Should File ITR-2?
ITR-2 applies to a wide range of taxpayer scenarios beyond simple salary income. If any of the following conditions apply, you must file ITR-2 instead of ITR-1.
Mandatory ITR-2 Filing Triggers:
Total income exceeds ₹50 lakh: Individuals with gross total income above ₹50 lakh must file ITR-2 with Schedule AL (Assets and Liabilities).
Capital gains income: Any capital gains from equity shares, mutual funds, property, gold, or other capital assets require ITR-2 reporting in Schedule CG.
Multiple house properties: If you own or earn rental income from more than one house property, ITR-1 is not applicable.
NRI or RNOR status: Non-Resident Indians and Residents Not Ordinarily Resident must file ITR-2 for their India-sourced income.
Foreign income or assets: Resident taxpayers with any foreign bank accounts, investments, immovable property, or signing authority over foreign accounts must disclose in Schedule FA.
Director in a company: Being a director in any company (including a private limited company) disqualifies you from ITR-1.
Unlisted equity shares: Investment in unlisted equity shares at any time during the financial year requires ITR-2.
Agricultural income above ₹5,000: If agricultural income exceeds ₹5,000 alongside non-agricultural taxable income, ITR-2 is needed for the partial integration method.
Brought forward losses: If you have losses from previous years (capital or house property) that need to be carried forward or set off.
Common Taxpayer Profiles Using ITR-2:
Salaried individuals with stock market or mutual fund gains
NRIs earning rental income or capital gains in India
Property sellers with capital gains from immovable property
Residents with foreign bank accounts or overseas investments
Directors in private limited or public companies
Investors with unlisted equity shares or ESOPs
Individuals with income from multiple house properties
Taxpayers with brought forward capital losses for set-off
ITR-2 vs ITR-1 vs ITR-3 - Which Form Should You Use?
Selecting the correct ITR form is critical. Using the wrong form leads to defective return notices and reprocessing delays. Here is a detailed comparison:
Parameter
ITR-1 (Sahaj)
ITR-2
ITR-3
Applicable To
Resident Individuals only
Individuals & HUFs
Individuals & HUFs
Income Limit
Up to ₹50 lakh
No limit
No limit
Salary / Pension
Yes
Yes
Yes
House Property
One property only
Multiple properties
Multiple properties
Capital Gains
Not allowed
Yes (all types)
Yes (all types)
Business / Profession Income
Not allowed
Not allowed
Yes (mandatory)
Foreign Income / Assets
Not allowed
Yes (Schedule FA)
Yes (Schedule FA)
NRI / RNOR Eligible
No (residents only)
Yes
Yes
Director in Company
Not allowed
Yes
Yes
Unlisted Equity Shares
Not allowed
Yes
Yes
Agricultural Income > ₹5,000
Not allowed
Yes
Yes
Complexity Level
Simple
Moderate to High
High
Typical User
Simple salaried employees
Investors, NRIs, directors
Business owners, professionals
Key Rule: If you have any capital gains or foreign assets, you cannot use ITR-1. If you have business or professional income, you need ITR-3 instead of ITR-2. For simple salary returns, explore ITR-1 Filing.
Capital Gains Schedules in ITR-2
Capital gains reporting is the most complex part of ITR-2. Understanding the tax rates, holding periods, and set-off rules is essential for correct filing.
Short-Term Capital Gains (STCG):
Asset Type
Holding Period
Tax Rate
Applicable Section
Listed equity shares & equity mutual funds
Up to 12 months
15%
Section 111A
Debt mutual funds
Up to 24 months
Slab rates
Normal provisions
Immovable property
Up to 24 months
Slab rates
Normal provisions
Other assets (gold, unlisted shares)
Up to 24/36 months
Slab rates
Normal provisions
Long-Term Capital Gains (LTCG):
Asset Type
Holding Period
Tax Rate
Applicable Section
Listed equity shares & equity mutual funds
More than 12 months
12.5% (above ₹1.25 lakh)
Section 112A
Immovable property
More than 24 months
20% with indexation
Section 112
Gold, unlisted shares, other assets
More than 24/36 months
20% with indexation
Section 112
Debt mutual funds (purchased before 01-Apr-2023)
More than 36 months
20% with indexation
Section 112
Set-off and Carry Forward Rules:
STCL set-off: Short-term capital loss can be set off against both STCG and LTCG in the same year.
LTCL set-off: Long-term capital loss can only be set off against LTCG - not against STCG or any other income head.
Carry forward: Unabsorbed capital losses (both STCL and LTCL) can be carried forward for 8 assessment years, but only if the return is filed before the due date.
Inter-head restriction: Capital losses cannot be set off against salary, house property, or other source income.
Important Note!
Under Section 112A, LTCG on listed equity and equity mutual funds is exempt up to ₹1.25 lakh per financial year. Gains above this threshold are taxed at 12.5% without the benefit of indexation. Ensure your broker's capital gain statement correctly computes the grandfathered cost basis for shares acquired before 31 January 2018.
Step-by-Step ITR-2 Filing Process
Here is the practical workflow for filing ITR-2 online with accurate capital gains and foreign asset reporting:
Step 1: Login to Income Tax e-Filing Portal
Access incometax.gov.in using your PAN-based credentials. Navigate to e-File → Income Tax Returns → File Income Tax Return. Select the appropriate assessment year.
Step 2: Select ITR-2 and Filing Mode
Choose ITR-2 as the return form. Confirm filing status (Original, Revised, or Updated) and select whether you are filing under the Old or New tax regime.
Step 3: Pre-fill Data from 26AS and AIS
Use the auto-populate feature to import salary, TDS credits, interest income, and other reported transactions from Form 26AS and Annual Information Statement (AIS). Verify every pre-filled entry against your actual records.
Step 4: Fill Schedule CG (Capital Gains)
Enter all capital gain transactions: equity shares (Section 111A/112A), mutual fund redemptions, property sales, gold, and other assets. Apply exemptions under Sections 54, 54EC, and 54F where applicable. Complete Schedule 112A for scrip-wise LTCG details.
Step 5: Complete Schedule FA and Schedule OS
If you hold foreign assets, fill Schedule FA with details of overseas bank accounts, financial interests, immovable property, trusts, and signing authority. Complete Schedule OS for interest, dividend, and other source income.
Step 6: Compute Tax and Claim Deductions
Review total income computation, apply Chapter VI-A deductions (80C, 80D, 80G, etc.), and compare tax liability under old vs new regime. Ensure regime selection aligns with your deduction profile.
Step 7: Pay Balance Tax, Submit & e-Verify
Pay any balance tax due through challan. Submit the completed ITR-2 and complete e-verification within 30 days using Aadhaar OTP, net banking, or DSC. An unverified return is treated as not filed.
Get expert-assisted ITR-2 filing with accurate capital gains and foreign asset reporting.
What Are the Documents Required for ITR-2 Filing?
Document completeness directly impacts filing accuracy and processing speed. Gather the following before starting your ITR-2 preparation:
Category
Document
Specific Details
Purpose
Salary Income
Form 16
Part A (TDS certificate) and Part B (income computation)
Primary salary income and TDS reporting
Salary Slips
Monthly salary breakup if Form 16 is unavailable
Verify allowances and perquisites
Capital Gains
Stock/MF Capital Gain Statement
Broker-wise and fund-wise STCG/LTCG computation
Schedule CG and Schedule 112A reporting
Property Sale/Purchase Deed
Agreement value, stamp duty value, date of transfer
Immovable property capital gain computation
Section 54/54EC Investment Proof
New property purchase deed, NHAI/REC bond certificates
Capital gains exemption claims
Tax Reconciliation
Form 26AS
TDS, TCS, advance tax, and self-assessment tax entries
Verify all tax credits claimed in return
AIS / TIS
Annual Information Statement with reported transactions
Schedule FA - Foreign Assets and Income Disclosure
Schedule FA is a mandatory disclosure schedule in ITR-2 for all resident and ordinarily resident taxpayers who hold any assets or financial interests outside India during the relevant financial year. This schedule was introduced to strengthen compliance under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
What Must Be Disclosed in Schedule FA:
Foreign Bank Accounts
All bank accounts held outside India including savings, current, and deposit accounts with peak balance during the year.
Financial Interest in Entities
Any financial interest or beneficial ownership in foreign entities, partnerships, or trusts as beneficiary or otherwise.
Immovable Property Abroad
All immovable properties held outside India with acquisition cost, address, and nature of ownership.
Trusts & Beneficial Ownership
Any beneficial ownership or interest as trustee, beneficiary, or settlor in a trust or entity created outside India.
Signing Authority
Signing authority held in any account located outside India, even if the account is not personally owned.
Capital Assets Outside India
Any other capital asset held outside India including foreign stocks, mutual funds, bonds, and crypto assets.
Penalty Warning!
Under the Black Money Act, failure to disclose foreign assets in Schedule FA can attract a penalty of ₹10 lakh per assessment year. For undisclosed foreign income, tax at 30% plus a penalty of 90% of the tax amount may apply. Prosecution proceedings may also be initiated for wilful non-disclosure.
NRI Filing - ITR-2 for Non-Resident Indians
NRIs and Residents Not Ordinarily Resident (RNOR) must file ITR-2 for their India-sourced income. The first step is determining your residential status under Section 6 of the Income Tax Act based on the number of days physically present in India.
Residential Status Categories:
Resident and Ordinarily Resident (ROR): Present in India for 182+ days in the FY, or 60+ days in the FY and 365+ days in preceding 4 years. Global income is taxable.
Resident but Not Ordinarily Resident (RNOR): Meets ROR criteria but has been NRI in 9 out of 10 preceding years or in India for less than 729 days in preceding 7 years. Only India-sourced and received income is taxable.
Non-Resident (NR): Does not meet the residency threshold. Only income earned or received in India is taxable.
Income Taxable in India for NRIs:
Rental income from Indian property
Capital gains on sale of Indian assets (property, shares, mutual funds)
Interest income from Indian bank accounts (savings, FDs, NRO)
Dividend income from Indian companies
Income from salary earned in India or pension from Indian employer
Any other income accruing or arising in India
DTAA Benefits and Form 67:
NRIs can claim relief from double taxation under the Double Taxation Avoidance Agreement (DTAA) between India and their country of residence. To claim foreign tax credit, Form 67 must be filed before submitting ITR-2. The form requires details of foreign income, tax paid in the other country, and the relevant DTAA article.
Set-off & Carry Forward Rules in ITR-2
Understanding loss set-off and carry forward rules is critical for optimising your ITR-2 tax liability. Here is the complete framework:
Loss Type
Can Set Off Against
Cannot Set Off Against
Carry Forward Period
STCL (Short-Term Capital Loss)
STCG and LTCG
Salary, house property, other sources
8 assessment years
LTCL (Long-Term Capital Loss)
LTCG only
STCG, salary, house property, other sources
8 assessment years
House Property Loss
Any income head (up to ₹2 lakh/year)
Excess above ₹2 lakh in current year
8 assessment years (against HP income only)
Other Source Loss
Other source income (same head)
Salary, capital gains
Generally not carried forward
Critical Reminder!
Capital losses can only be carried forward if the return is filed on or before the due date (typically 31st July). If you file a belated return, you lose the right to carry forward capital losses even if all other disclosures are correct. House property loss carry forward is allowed even in belated returns.
Benefits of Professional ITR-2 Filing
Expert-assisted ITR-2 filing provides tangible advantages for taxpayers with complex income scenarios:
Accurate Capital Gains
Precise STCG and LTCG computation with correct exemptions, indexation, and set-off logic for all asset classes.
Schedule FA Compliance
Correct foreign asset disclosure that protects you from Black Money Act penalties of up to ₹10 lakh per year.
Notice-Safe Filing
Thorough 26AS and AIS reconciliation that reduces mismatch notices and post-filing correction cycles.
DTAA Tax Savings
NRIs benefit from foreign tax credit claims through DTAA, reducing overall tax burden on India-sourced income.
Loss Carry Forward
Preserve capital and house property losses for up to 8 years through timely and accurate return filing.
Refund Optimisation
Correct tax credit matching and deduction claims for faster and more accurate refund processing.
Get your ITR-2 reviewed and filed with expert capital gains and NRI support.
Why Choose IncorpX for ITR-2 Filing?
ITR-2 involves complex schedules and strict disclosure requirements. Our process is designed for precision and compliance:
Dedicated capital gains computation from broker and MF statements
Transparent pricing starting at ₹2,999 - no hidden charges
Schedule FA preparation with Black Money Act compliance
NRI specialists for DTAA claims and Form 67 filing
26AS and AIS reconciliation-first approach
Old vs new regime comparison for optimal tax outcome
Post-filing support for notices and revised return scenarios
Dedicated expert assistance throughout the filing process
Related Services for Complete Tax Compliance
Along with ITR-2 filing, these services help maintain a complete income tax and business compliance framework:
End-to-end support for corporate and tax compliance filings and deadlines.
Frequently Asked Questions About ITR-2 Return Filing
ITR-2 filing involves complex scenarios including capital gains computation, foreign asset disclosures, NRI taxation, and multi-property income reporting. This FAQ section addresses the most common questions to help you file accurately and compliantly.
Whether you are an investor, NRI, company director, or hold foreign assets, these answers cover the practical aspects of ITR-2 filing in India.
ITR-2 is the income tax return form prescribed for individuals and HUFs who do not have income from business or profession. It covers salary, house property, capital gains, other sources, and foreign income or assets. If you have capital gains from stocks, mutual funds, or property, or if you are an NRI with Indian income, ITR-2 is the correct form. Learn more about other return types at Income Tax Services.
ITR-1 (Sahaj) is a simplified form for resident individuals with total income up to ₹50 lakh from salary, one house property, and other sources. ITR-2 applies when you have capital gains, multiple house properties, foreign income, or are an NRI. If your case is simpler, you may qualify for ITR-1 Filing instead.
Yes, salaried individuals must file ITR-2 instead of ITR-1 if they have capital gains (from equity, mutual funds, or property), income from more than one house property, total income exceeding ₹50 lakh, foreign assets or income, or are a director in a company.
Yes. Non-Resident Indians (NRIs) and Residents Not Ordinarily Resident (RNOR) must file ITR-2 for their India-sourced income including rental income, capital gains on Indian assets, interest income, and other taxable receipts. DTAA benefits can be claimed using Form 67.
ITR-2 covers all types of capital gains: Short-Term Capital Gains (STCG) under Section 111A on listed equity at 15%, STCG on other assets at slab rates, Long-Term Capital Gains (LTCG) under Section 112A on equity above ₹1.25 lakh at 12.5%, and LTCG under Section 112 on other assets at 20% with indexation benefit. All gains are reported in Schedule CG.
Schedule FA (Foreign Assets) is a mandatory disclosure schedule for resident taxpayers holding assets outside India. You must report foreign bank accounts, financial interests, immovable property, trusts, signing authority over foreign accounts, and capital assets held abroad. Non-disclosure can attract penalties up to ₹10 lakh under the Black Money Act.
Key documents include Form 16 (salary), capital gain statements from brokers and mutual fund houses, property sale/purchase deeds, Form 26AS and AIS, bank statements, foreign asset details, and Form 67 for DTAA tax credit claims. Complete documentation ensures accurate filing and faster processing.
Stock market gains are reported in Schedule CG of ITR-2. Listed equity held over 12 months qualifies as LTCG taxed at 12.5% above ₹1.25 lakh (Section 112A). Listed equity held for 12 months or less is STCG taxed at 15% (Section 111A). Your broker's capital gain statement provides the transaction-level details needed for accurate reporting.
Yes, capital losses can be carried forward for up to 8 assessment years if the return is filed before the due date. Short-term capital loss can be set off against both STCG and LTCG. Long-term capital loss can only be set off against LTCG. Timely filing is essential to preserve this benefit.
Loss from house property (primarily home loan interest) can be set off against other income heads up to a maximum of ₹2 lakh per year under current provisions. Any excess loss can be carried forward for up to 8 years for set-off against future house property income only.
Residential status under Section 6 of the Income Tax Act depends on the number of days you are physically present in India during the financial year and preceding years. The three categories are Resident and Ordinarily Resident (ROR), Resident but Not Ordinarily Resident (RNOR), and Non-Resident (NR). Your status determines which income is taxable in India.
Double Taxation Avoidance Agreement (DTAA) prevents the same income from being taxed in both India and your country of residence. NRIs can claim foreign tax credit by filing Form 67 before submitting ITR-2, reducing their Indian tax liability on income already taxed abroad.
Yes. If you have capital gains from mutual fund redemptions - whether equity or debt funds - you cannot use ITR-1. ITR-2 is required for reporting these gains correctly in Schedule CG with proper classification as short-term or long-term based on holding period and fund type.
Under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, failure to disclose foreign assets can attract a penalty of ₹10 lakh for each year of non-disclosure. In cases involving undisclosed foreign income, tax at 30% plus penalty of 90% of the tax amount may apply.
Yes, being a director in any company (including a private limited company) disqualifies you from filing ITR-1. You must file ITR-2 even if your only other income is salary. If you also have business or professional income, ITR-3 Filing may be required.
For individuals and HUFs not subject to tax audit, the standard due date is 31st July of the assessment year. Filing after this date attracts late filing fees under Section 234F (up to ₹5,000) and interest under Section 234A. Loss carry-forward benefits may also be lost if filed late.
Capital gains exemptions under Sections 54, 54EC, and 54F are claimed in Schedule CG of ITR-2. Section 54 applies to residential property reinvestment, Section 54EC to bonds (NHAI/REC within 6 months), and Section 54F to net sale consideration reinvestment. Proper documentation and compliance with investment timelines are essential.
Yes, a belated return can be filed under Section 139(4) before the end of the assessment year (typically 31st December). However, late filing attracts penalty up to ₹5,000, interest on unpaid tax, and you lose the right to carry forward certain losses. An updated return (ITR-U) is also available within prescribed timelines.
If your agricultural income exceeds ₹5,000 and you also have non-agricultural income above the basic exemption limit, you cannot use ITR-1. ITR-2 is required because agricultural income affects the tax rate computation through the partial integration method even though it is exempt from tax.
IncorpX provides end-to-end ITR-2 filing support including capital gain computation from broker and mutual fund statements, Schedule CG and Schedule FA preparation, 26AS and AIS reconciliation, DTAA and Form 67 assistance for NRIs, old vs new regime comparison, and post-filing support. Explore our complete Income Tax Services for more details.
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