Filing your Income Tax Return in India is a important financial duty, but the choice of the right ITR form can meaningly effect your tax liability. We will discuss who need to file ITR 2.
When anyone has made capital gains from the sale of property, filing ITR 2 is essential. Capital gain from sale of property arises when you sale the property. If you have purchased the property, no tax liability arises. ITR 2 allows you to provide detailed information about your property transactions, confirming correct reporting of your capital gains. ITR 2 form helps in calculating your capital gains tax liability accurately, considering factors like the holding period, exemptions, and deductions.
Exemptions and Deductions: ITR 2 provides exemptions under sections 54 or 54F when you reinvest the amount received from capital gains. This helps in minimizing your tax liability too. If you have sold any property and the amount received as consideration from such property is invested to buy new property in specified period, Tax liability is reduced on such invested property.
ITR 2 allows you to report your income from buying and selling shares, dividends, and other financial gains from the stock market. If you have made gain from such transaction, you need to report it in ITR2 and pay tax calculated. You are to declare your loss if any on such transactions which helps you to reduce your tax liability in upcoming years.
When it comes to ITR 2, seeking the help of an online consultant offers several advantages like expertise, Efficiency, tax optimization, error free work, call us.
Here the common ITR forms:
ITR-1 (Sahaj): For Individuals having Income from Salaries, one house property, other sources (Interest, etc.), and having total income up to Rs 50 lakhs.
ITR-2: For Individuals and Hindu Undivided Families (HUFs) not carrying out business or profession, but having income from other sources, foreign assets/income, or capital gains.
ITR-3: For individuals and HUFs having income from profits and gains of business or profession.
ITR-4 (Sugam): For presumptive income from business and profession. It is meant for small taxpayers with income from business and self-employment.
ITR-5: For firms, Association of Persons (AOPs), and Body of Individuals (BOIs).
ITR-6: For Companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes).
ITR-7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D).
If you are looking for ITR 2 filing service in Gurgaon or Gurugram and nearby area, please call us on 📞 +91-9719586772 or write us on info@sktaxlawfirm.com
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Sector-26 |
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Civil Lines |
Sector-88A |
Sushant Lok I |
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DLF Phase 2 |
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Manesar |
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NH 8 |
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LOCALITY |
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Sohna Sector-2 |
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Sohna Sector-25 |
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Shivpuri |
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Sohna Road |
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New Palam Vihar Phase 3 |
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New Palam Vihar Phase 2 |
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Farukh Nagar |
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Sohna Sector-7 |
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Golf Course Extn |
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South City |
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Sultanpur |
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Gurgaon-Faridabad Road |
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Dwarka Expressway |
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DLF Phase 5 |
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Udyog Vihar Phase V |
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