Filing your Income Tax Return (ITR) is a key financial accountability, and it becomes more significant when you have capital gains from property or investments in shares and stocks. We are here to provide you with important information about ITR forms, their importance, and eligibility criteria for ITR 2.

How Many ITR Forms Are There and Their Use

The Indian Income Tax Department has established some ITR forms, each designed for specific types of taxpayers and income sources. Please find type of ITR Forms below.

ITR-1 (SAHAJ): For individuals with income from salary, one house property, and other sources like interest or dividends.

ITR-2: For individuals and Hindu Undivided Families (HUFs) with income from capital gains, shares, and stocks, among other sources.

ITR-3: For individuals and HUFs with income from business or profession.

Here the common ITR forms:

ITR-4: For individuals, HUFs, and firms (other than LLP) with income from a business or profession under the presumptive taxation scheme.

ITR-5: For persons other than individuals, HUF, companies, and those filing ITR-7.

ITR-6: For companies other than those claiming exemption under Section 11 (charitable institutions).

ITR-7: For persons including companies who are required to furnish returns under Section 139(4A) or Section 139(4B) or Section 139(4C) or Section 139(4D).

Who Needs to File ITR 2:

ITR-2 is meant for individuals and HUFs who have income from capital gains.

Income from capital gains (short-term or long-term) from the sale of property or investments like shares and stocks.

  • Foreign assets or income.
  • Agricultural income exceeding Rs 5,000.
  • Earnings from more than one house property.
  • Income from sources other than salary, one house property, and other minor sources.
  • Income more than 50 Lacks

Importance of Filing ITR:

Legal Requirement: It is a legal duty for individuals and entities with taxable income to file their returns within the specified deadlines.

Documentation: It is documented proof of your income and financial actions

Claiming Tax Refunds: Filing ITR allows you to claim tax refunds in case you have paid extra tax.

Avoiding Penalties: Timely filing of IT helps you to avoid penalties and interest on tax dues.

Building Financial Credibility: Consistently filing your ITR can improve your financial credibility and make it easier to obtain loans or credit cards.

Eligibility for Filing ITR 2:

As mentioned earlier, ITR-2 is mainly for individuals and HUFs with capital gains and income from more complex sources. To be eligible for filing ITR-2, you should have one or more of the following:

  • Income from capital gains (short-term or long-term) from property or investments.
  • Foreign income or foreign assets.
  • Agricultural income exceeding Rs 5,000.
  • More than one house property.
  • Income from sources other than salary and minor sources.

Please call us on 📞 +91-9719586772 or write us at info@sktaxlawfirm.com for ITR filing for capital gain in property, ITR filing for shares and stocks, ITR filing online consultation for ITR 2. We provide our services in Ghaziabad and all below location.

Services Available in Following Areas

Sahibabad

Loni

Nyay Khand III

NH-24

Surya Nagar

Vasundhara Sector-14

Amrit Nagar

Gokalpuri

Nehru Nagar-II

Vasundhara Sector-9

Sewa Nagar

Elaichipur

Nehru Nagar-III

Govind Puram

Sanjay Nagar

Dilshad Plaza

Madhopura

Vasundhara Sector-7

Vaishali

GT Road

Nehru Nagar

Vasundhara Sector-4

Shakti Khand I

Gyan Khand I

Dilshad Extension

Raj Nagar Extension

Bhram Puri

Husainpur

Janakpuri

Vasundhara Sector-8

Shastri Nagar

Hazipur

Naya Ganj

Vasundhara Sector-12

Gyan Khand II

Hapur Road

Kavi Nagar

Chhapraula

Nai Basti Dundahera

Dhoom Manikpur

Nyay Khand I

Vasundhara Sector-10

Gyan Khand III

Crossing Republik

Lohia Nagar

Lal Kuan

Gyan Khand IV

Ahinsa Khand II

Niti Khand II

Madhuban Bapudham

LOCALITY

Ahinsa Khand I

Rajendra Nagar

Dundahera

Pandav Nagar Industrial Area

Abhay Khand 2

Vasundhara

Harsaon

Vasundhara Sector-5

Ambedkar Road

Niti Khand I

Wave City

Harbans Nagar

Ankur Vihar

Abhay Khand

Vasundhara Sector-1

Vasundhara Sector-19

Chipiyana Buzurg

Vaibhav Khand

Mahurali

Shakti Khand III

Bahrampur

Defence Colony

Muradnagar

Niti Khand III

Indraprastha Yojna

Patel Nagar

Sehani Khurd

Lalbag Colony

Kala Patther

Daulatpura

Ved Vihar

Raj Nagar

Pink City

Vasundhara Sector-2A

Raispur

Vaishali Extension

Nyay Khand II

Vasundhara Sector-15

Bhuapur

Vijay Nagar

NH-91

Model Town

Shahpur Bamheta

Shakti Khand II

Ramprastha

Kaushambi

Raghunathpur

Vasundhara Sector-17

RK Puram

Bhopura

Dasna

Vasundhara Sector-18

Shalimar Garden Extention 2

Neelmani Colony

LOCALITY

Behta Hajipur

Shalimar Garden Extention 1

Maliwara

Trans Delhi Signature City

Chiranjiv Vihar

Shahberi

Pratap Vihar

Farukh Nagar

Vasundhara Sector-13

NH-58

Shalimar Garden

Pilkhuwa

Panchsheel Enclave

NH-34

Vasundhara Sector-16

Modinagar

Vasundhara Sector-2B

Lajpat Nagar

Kamla Nehru Nagar

Vaishali Sector-9

Avantika

Koyal Enclave

Chander Nagar

Vikram Enclave

Vasundhara Sector-6

Kinauni Village

Nandgram

Vaishali Sector-5

Vasundhara Sector-11

Loni-Delhi Road

Indirapuram

Vaishali Sector-2

Krishna Vihar

Makanpur

Vasundhara Sector-3

Vaishali Sector-1

Shakti Khand IV

Mohan Nagar

Ghukna

Vasundhara Sector-2C

Sadiqpur

Masuri

Hindan Residential Area

Siddharth Vihar

Swaran Jyanti Puram

Shatabdipuram

Marium Nagar

Vaishali Sector-3

Shyam Pak 

 

 

ITR Filing for Capital Gain in Property in Ghaziabad, ITR Filing for Shares and Stocks in Ghaziabad, ITR Filing Online Consultant for ITR 2 in Ghaziabad