₹21,300 left every month
TaxSavvy for ITR 2 capital gains
Sold shares or property? File ITR-2 the right way.
We read broker and CAS statements and file ITR-2 with every schedule.
If you wait: Late return: ₹5,000 fee and no carry forward of capital losses (Sec 428 and 121, old 234F and 80)
What you send
Any one of these gets us started. Photos are fine.
- Form 16
- Salary slip
- AIS or 26AS
- Investment statement
- Company policy
Send them on WhatsApp or upload after you start. Documents are encrypted and seen only by your CA.
How we get it done
Four steps, the same for every job. You see each one ticked.
Information
Broker capital gains statement. Mutual fund capital gains statement
Discussion
What did you sell this year: listed shares, mutual funds, property, unlisted shares, bonds, crypto?. Any F&O, intraday or business income?
Forms
Confirm ITR-2 is the right form (no business or professional income). Reconcile broker and fund statements with AIS (SFT and sale values)
Deliverables
Filed ITR-2 acknowledgement. Capital gains computation sheet
See what you get, free
Real formats, made with dummy data.
Sample Sample ₹36,280 less tax in the new regime
Sample Net worth ₹14.9 lakh
Questions, answered the CA way
Facts, Provisions and law, Analysis, Conclusion.
Which ITR Form to File
- Facts
- Selecting the correct ITR form is the most common source of defective return notices. Wrong form = return treated as invalid.
- Provisions and law
- Sec 263(1) (old 139(1)); Rule 164 (old Rule 12); Sec 263(7) (old 139(9)); CBDT Notif
- Analysis
- ITR-1 (Sahaj): Salary from one employer + FD interest + one house property. Income below ₹50L. Cannot have capital gains, business income, or foreign assets. ITR-2: Salary from multiple employers, capital gains (MF/shares/property), foreign income, more than one house property, director in company, unlisted shares. ITR-3: Business or profession income + any other income. Partnership firms also use ITR-3 equivalent. F&O traders must use ITR-3. ITR-4 (Sugam): Presumptive income under Sec 58, Income-tax Act 2025 (old Sec 44AD; business, ₹3Cr limit), Sec 58 (old Sec 44ADA; professionals, ₹75L limit), Sec 58 (old Sec 44AE; transport). Cannot have capital gains or foreign assets. ITR-5: Partnership firms, LLPs, AOPs, BOIs, not for individuals. ITR-6: Companies (not claiming 11/12 exemption). ITR-7: Trusts, political parties, research associations.
- Conclusion
- Identify ALL income sources for the year, salary, FD interest, MF redemptions, property sale, freelance
- Download AIS, check if any income shown that you did not know about
- Check if you are director in any company or hold unlisted shares (ITR-2 mandatory if yes)
- Check if F&O trading happened during year (ITR-3 mandatory)
LTCG on Equity Shares and Equity MF: 12.5% (Section 198, old 112A)
- Facts
- The most frequently triggered capital gains for salaried investors. Budget 2024 raised rate from 10% to 12.5% and raised the exemption from ₹1L to ₹1.25L. Both equity shares (held 12+ months on exchange) and equity mutual funds (65%+ equity, held 12+ months) qualify.
- Provisions and law
- Sec 198 (old 112A); Proviso Sec 198 (old 112A); Sec 11 (old 10(38)) repealed; Sec 156 (old 87A) proviso
- Analysis
- What qualifies for 12.5% LTCG: Listed equity shares on NSE/BSE (held 12+ months, STT paid at sale). Equity mutual funds where equity allocation ≥ 65% of portfolio (held 12+ months). Units of business trusts (REITs, InvITs), specific rules. ETFs tracking equity indices, same as equity MF. ₹1.25L exemption, how it works: Annual. Not per transaction. If total LTCG from equity in a year = ₹2L, taxable gain = ₹2L − ₹1.25L = ₹75,000. Tax = ₹75,000 × 12.5% = ₹9,375. The ₹1.25L exemption resets every April 1. Grandfathering for pre-Feb 2018 holdings: Shares/MF bought before February 1, 2018: cost = higher of actual purchase price or market price on January 31, 2018. This protected gains that accrued before the tax was introduced. Gains from before Jan 31, 2018 = completely exempt.
- Conclusion
- Download capital gains statement from CAMS and KFintech for all MF folios
- Get equity P&L statement from broker (Zerodha Console / Groww / Kite)
- Sum all LTCG from equity shares + equity MF for the year
- Apply ₹1.25L exemption: if total LTCG ≤ ₹1.25L → zero tax, but still declare in Schedule CG
LTCG vs STCG: Master Capital Gains Rate Table
- Facts
- Every asset class, holding period, tax rate, and exemption, post Budget 2024 changes effective July 23 2024. The rate changes are the most significant in a decade. Know your asset, know your rate before you sell.
- Provisions and law
- Sec 67 (old 45); Sec 196 (old 111A); Sec 198 (old 112A); Sec 197 (old 112); Finance Act 2023; Sec 194 (old 115BBH)
- Analysis
- BUDGET 2024 KEY CHANGES (Jul 23, 2024): LTCG on equity: 10% → 12.5%. STCG on equity: 15% → 20%. Exemption limit: ₹1L → ₹1.25L (LTCG equity only). Property LTCG: indexation removed for new purchases (but taxpayer can choose 12.5% without indexation OR 20% with indexation, pick whichever is lower for pre-Jul 2024 purchases). Holding period, what is "long term": Equity shares / equity MF: 12 months. Property / unlisted shares: 24 months. Debt MF / bonds / gold (physical): 24 months (now irrelevant since slab rate applies). SGB: held to maturity (8 years) = FULLY exempt. STT (Securities Transaction Tax): Equity LTCG and STCG at concessional rates (12.5%/20%) apply ONLY if STT was paid at time of sale (i.e. sold on a recognised stock exchange). Off-market equity sale without STT → slab rate, not 12.5%/20%.
- Conclusion
- Identify every capital asset sold or redeemed in the financial year
- For each asset: determine purchase date, purchase price, sale date, sale price
- Calculate holding period, is it LTCG or STCG?
- Apply correct rate: equity LTCG 12.5% (above ₹1.25L), equity STCG 20%, property LTCG 12.5% / 20% with indexation (choose lower), debt MF slab, crypto 30%
Schedule FA, Foreign Asset Disclosure in ITR: What, When, How
- Facts
- Every ROR (Resident Ordinarily Resident) must disclose ALL foreign assets in Schedule FA of their ITR, bank accounts, property, shares, ESOPs, signing authority. Missing even one account: Black Money Act. Penalty: ₹10L per undisclosed asset. No time limit for IT to reopen. This is the one compliance you cannot skip.
- Provisions and law
- Black Money Act 2015; Schedule FA, ITR-2/3; FATCA / CRS; Sec 263 (old 139), mandatory filing
- Analysis
- FATCA is real and it works: Indian IT department receives automatic data from USA, UK, Canada, Australia, UAE (from 2024), Singapore, and 100+ countries annually. Foreign banks report Indian customers. If you haven't disclosed: IT already knows. What must be disclosed: Any bank account where you are owner OR signing authority. ESOPs of foreign company (even unvested, even zero value). Foreign property. Shares in foreign company (even a startup equity grant worth $1). Trust as beneficiary. What details are needed: For each bank account: peak balance during year (highest balance on any single day), closing balance (March 31), interest earned, account number, SWIFT/IBAN, country. For ESOPs: company name, number of shares, acquisition date, cost, value.
- Conclusion
- List every foreign bank account (checking, savings, FD, brokerage), include closed ones (peak balance year still needed)
- List all foreign property: residential, commercial, land
- List all ESOPs/RSUs from foreign company employers, even unvested
- List signing authority in any foreign entity (director, trustee, authorized signatory)
Sold shares or property? File ITR-2 the right way.
A Chartered Accountant handles it. Fixed price, told before you pay.
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