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Which ITR form to use for Income from salary, capital gains?
August, 04th 2017

I acquired 1,000 shares of X Pvt Ltd in the financial year 2014-15. X Pvt Ltd merged with Y Ltd listed on the BSE. The scheme of the merger was approved by the Bombay High Court and the SEBI. I was allotted 200 shares of Y Ltd against my holding of 1,000 shares of X Pvt Ltd. My cost of acquisition of 1,000 shares was Rs 10,000. I have sold 200 shares of Y Ltd on the exchange for Rs 2.5 lakh in the month of July 2017. I had not paid STT on acquisition of my shares of X Pvt Ltd. Whether I have to pay any capital gains tax on sale of shares of 200 shares of Y Ltd?
- Rohit Iyer, Chennai

You will not be liable to pay any capital gains tax on sale of 200 shares of Y Ltd, because at the time of selling the shares on the floor of the exchange, you have paid STT.If at the time of purchase of the shares STT is not paid and the shares are acquired after 1102004, then the benefit of exemption from long-term capital gains as provided us.10(38) will not be available.However, the government has issued notification and has given exemptions from compliance of this condition if the shares are acquired under certain circumstances. It is provided in the notification that if the shares are acquired with the permission of the high court or in accordance with the SEBI regulations, then the exemption us.10(38) will be granted even if STT was not paid at the time of purchase of the shares.Your case falls within the exemption provided in the notification. The tax authorities can ask you to produce the proof that you received 200 shares of Y Ltd against your holding of 1,000 shares of X Pvt Ltd in the scheme of merger which was approved by the Bombay High Court.

For a salaried person like me what form will be used (i.e.,ITR 234), if there is income from capital gains.Can we e-file the ITR? Checking google, I gathered I should file ITR 2. But on choosing e-filing option, it shows ITR 1 and ITR 4.

An assessee having income under the heads income from salary and capital gains is required to file his return of income in ITR-2 for assessment year 2017-18. You will be required to prepare your return of income offline using ITR-2 utility (Java Excel) available on the eFiling portal of the income-tax department; generate xml file and upload the same. Only the ITR 1 and 4 can be prepared and

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