Sir, I would like to know that if I have exempt income from LTCG ( M.Funds) and few amounts as gift from my parents and I mention all this exempt income in ITR. I invest these amounts in Mutual funds, the amount exceeding Rs !0 Lakhs in a F.Y, then as the source of income is mentioned in ITR, will there be chance of receiving a notice from IT office? Please clarify.
2. If the officer wants to know about the gifted amount, which cant be tracked by PAN, then will he issue notice only for this gifted amount or for both gift and also for high value transactions or for only high value transactions? If high value transactions will be queried even after mentioning all the sources i.e exempt income, then I will avoid high value transactions in mutual funds but will select multiple fund houses to invest and avoid IT notices. Please clarify. I will be very thankful and great full to you.
Sir, I would like to know that if I have exempt income from LTCG ( M.Funds) and few amounts as gift from my parents and I mention all this exempt income in ITR. I invest these amounts in Mutual funds, the amount exceeding Rs !0 Lakhs in a F.Y, then as the source of income is mentioned in ITR, will there be chance of receiving a notice from IT office? Please clarify.
2. If the officer wants to know about the gifted amount, which cant be tracked by PAN, then will he issue notice only for this gifted amount or for both gift and also for high value transactions or for only high value transactions? If high value transactions will be queried even after mentioning all the sources i.e exempt income, then I will avoid high value transactions in mutual funds but will select multiple fund houses to invest and avoid IT notices. Please clarify. I will be very thankful and great full to you.
Sir, I would like to know that if I have exempt income from LTCG ( M.Funds) and few amounts as gift from my parents and I mention all this exempt income in ITR. I invest these amounts in Mutual funds, the amount exceeding Rs !0 Lakhs in a F.Y, then as the source of income is mentioned in ITR, will there be chance of receiving a notice from IT office? Please clarify.
2. If the officer wants to know about the gifted amount, which cant be tracked by PAN, then will he issue notice only for this gifted amount or for both gift and also for high value transactions or for only high value transactions? If high value transactions will be queried even after mentioning all the sources i.e exempt income, then I will avoid high value transactions in mutual funds but will select multiple fund houses to invest and avoid IT notices. Please clarify. I will be very thankful and great full to you.
It is stated by many that the selling of shares kept with any individual , for more than 5years, is free from nay capital tax gain. Can some one tell if there is any limit on this per year and also in ITR-2, in which column or under what head can one claim full exemption from IT.
Re: Capital Gain by Selling of Equity Shares
by on Sep 07, 2015 06:26 PM
Shares sold after 1 year (not 5 years) are exempt from capital gains tax.There is no limit on this. In ITR2, it has to be shown under schedule EI (details of exempt income) item no.3.
if the goverment knows the amount and source of income and the detils of the persons why dont it automatically deduct the taxes and return the benefits if any to the tax payer insteaed of submitting the tax return with wrong or incomplete data.
