ITR1 or ITR2 for capital gains < 1L

I sold some shares (long term holding), where the cumulative gains is less that 1L. I understand this will be exempt from LTCG and therefore no tax would be due on them

Do i still have to file ITR2 to disclose these sales. Or just the basic ITR 1 would be fine for the scenario.

Hi @deeonline

If you have trading income (except intraday and FnO) then it is required to be reported in ITR 2, even if the LTCG is exempt under section 112A of the Income Tax Act.

So, you are required to file ITR 2 and disclose all your trades and other relevant incomes. ITR 1 cannot be filed in this case.

Hope this helps.

Thank you!

Btw, i was exploring the Quicko website. For FY 2022-23, its still appearing to pick trades from the apr 2021 to mar 2022. Shouldn’t it be picking those from apr 2022 to mar 2023?

Hi @deeonline

If you are exploring ‘FY’ 2022-23 we fetch trades from April 2022 to March 2023
If you are exploring ‘AY’ 2022-23 (i.e F.Y. 2021-22) we fetch trades from April 2021 to March 2022

Hope this clarifies.