[spookey]

Originally Posted by realactivex

I have a sticky situation and need advise from learned folks in this forum.

I have wasted enough time chasing up with them and I now want to go ahead and file my ITR2 myself directly with the IT dept

My worry is, what if those folks at myitreturns.com suddenly wake up and also file my returns in parallel? I dont know what happens when the same returns get filed twice for the same Fy by different people

If you file return by yourself before they (myitreurns.com) do, they will not be able to file it as only revised return will be allowed to be filed.
Even if it goes though simply don't e verify it. If you don't e verify the return it will be considered as invalid - return not filed.

These people seem to be an unprofessional bunch if i were you i would file the return my self than risk further trouble in future due to shoddy return filing.

[meerkat]

Hello friends,

I'm facing a strange problem while preparing my ITR-1 for AY 2019-20 (both PR3 and PR4 (java)).

The form validates successfully when I click the 'Validate' button, but when I try to save it, first it says:

"Form is validated successfully", then asks for a file name to save in. However, when I do that, it says:

" ITR is validated with errors. Please verify/rectify from the right pane and proceed"

The problem is, the right pane is blank (i.e. shows no errors)!!! I'm stumped! What do I do now?

Are you guys not facing the same issue with your ITR-1 ? Thanks.

[hothatchaway]

@meerkat, if it's ITR1, you may consider the pre filled option available under e-file. I don't think the Excel utility is required for this.

[realactivex]

Originally Posted by spookey

If you file return by yourself before they (myitreurns.com) do, they will not be able to file it as only revised return will be allowed to be filed.
Even if it goes though simply don't e verify it. If you don't e verify the return it will be considered as invalid - return not filed.

These people seem to be an unprofessional bunch if i were you i would file the return my self than risk further trouble in future due to shoddy return filing.

Thanks a lot chief.
Eventually, after multiple escalations, they ended up filing.
All is well that ends well, but not an experience to cherish. especially for time bound tasks

[Rodie09]

Originally Posted by Pink Floyd

ITR-2 will do. You can add individual rental income under Schedule Income from House property and Share Income under Schedule CG.

Hey, thanks Pink Floyd.

That's what I zeroed on now, thankfully I do not have any intraday transatcions and only have STCG from sale of shares.

On that note, how is the STCG calculated for shares held less than a year?

Would the gain be considered after deducting all the charges (STT,GST etc) or would it be on the Total Sale Value - Total Cost?

Thanks again!

[AWD]

Any chance of Return filing extension for another 15 days, upto 15th Sept? Return can also be filed online on a Sunday ?

[K_Drive]

Originally Posted by AWD

Any chance of Return filing extension for another 15 days, upto 15th Sept? Return can also be filed online on a Sunday ?

Initial date was July 31st. They extended to August 31. I don't think they will extend the date further. Return can be filled 24/7. No restrictions in it. E-filing site is simple and straight forward.

[Warwithwheels]

Two quick questions!

Can a Non Resident Indian (NRI) file returns from a foreign country, say USA using the https://www.incometaxindiaefiling.gov.in portal? What would he fill in the place field towards the end of the return?

If he asks his friend to file his returns in India, should the friend file as representative assessee or just file returns by logging in to the portal?

[pkulkarni.2106]

I have sold one of my flat ~7 years after I purchased it. The sale price is less than the purchase price (in short, I sold it at a loss).
After closing the home loan on that flat, I have some amount left with me.

To save on Capital Gains tax:
1. Use the money to purchase a new property
2. Open a Capital Gains account, transfer the money to the account (till I invest the money in another property)
3. Use the money to pre-pay the home loan on my 2nd flat (this property has been purchased in 2016, and the possession will be around Dec. 2019)

I am not too sure if (3) above would really work to save capital gains tax.
I need to be sure before I go for (3). Can someone please confirm if it's really possible to save the tax by pre-paying the home loan?


Thanks in advance!

[Sherlocked]

Originally Posted by pkulkarni.2106

I have sold one of my flat ~7 years after I purchased it. The sale price is less than the purchase price in short, I sold it at a loss

If you have sold the property at a loss then there will not be any capital gain tax in the first place to speak of.
You can claim capital loss and carry it forward..

[pkulkarni.2106]

Originally Posted by Sherlocked

If you have sold the property at a loss then there will not be any capital gain tax in the first place to speak of.
You can claim capital loss and carry it forward..

That was my understanding too.
But one of the person, who happened to have studied law & is a banker, said the capital loss is applicable if I were an investor & for a non-investor like me the amount is still considered as capital gain for the particular financial year.

That got me worried.

[Sherlocked]

Originally Posted by pkulkarni.2106

That was my understanding too.
But one of the person, who happened to have studied law & is a banker, said the capital loss is applicable if I were an investor & for a non-investor like me the amount is still considered as capital gain for the particular financial year.

That got me worried.

No, he is wrong. How can there be any tax if there is no gain? It can't be.

Also, in case of immovable property, there isn't any concept of investor and non-investor.

I suggest you to go to a CA to file your returns. He will help you out.

Cheers!

[vrprabhu]

Originally Posted by pkulkarni.2106

... said the capital loss is applicable if I were an investor & for a non-investor like me the amount is still considered as capital gain for the particular financial year

Can you ask your friend how he will arrive at 'capital gain' on this transaction, when the selling price was lower than the purchase price?

BTW, income tax doesn't differentiate between an 'investor' and 'non-investor' - what it does is to differentiate between income earned 'salary' - 'interest' - 'business' - 'agriculture' - 'lottery' - others etc.

Sherlocked has given the correct status with regard to your query.

Originally Posted by Sherlocked

If you have sold the property at a loss then there will not be any capital gain tax in the first place to speak of.
You can claim capital loss and carry it forward..

Actually, indexed to inflation, he will be sitting on a larger capital loss, which can be carried forward and set off, as rightly stated by you.

Originally Posted by Warwithwheels

Two quick questions!

Can a Non Resident Indian (NRI) file returns from a foreign country, say USA using the https://www.incometaxindiaefiling.gov.in portal? What would he fill in the place field towards the end of the return?

If he asks his friend to file his returns in India, should the friend file as representative assessee or just file returns by logging in to the portal?

This isn't a quick question - it is a trick question!

I don't think e-filing site will prevent you from putting your current place as any location across the globe - so you can put the place where you are presently residing. Nothing prevents a NRI from filing his / her return himself / herself.

If you give your log-in credentials to your friend, he obviously will be logging in and can file the return as though you have yourself filed it - which of course, isn't what the law expects you to do.

The facility for representative filing (CA) or through 'TRP' - tax return preparer - facility is available, which you can declare in the filing portal itself.

If I am not mistaken, for facilitating the e-filing process for NRIs, there is no requirement of registering mobile number for getting OTP.

[pkulkarni.2106]

Originally Posted by Sherlocked

No, he is wrong. How can there be any tax if there is no gain? It can't be.

Also, in case of immovable property, there isn't any concept of investor and non-investor.

I suggest you to go to a CA to file your returns. He will help you out.

Cheers!

Originally Posted by vrprabhu

Can you ask your friend how he will arrive at 'capital gain' on this transaction, when the selling price was lower than the purchase price?

BTW, income tax doesn't differentiate between an 'investor' and 'non-investor' - what it does is to differentiate between income earned 'salary' - 'interest' - 'business' - 'agriculture' - 'lottery' - others etc.

Sherlocked has given the correct status with regard to your query.


Actually, indexed to inflation, he will be sitting on a larger capital loss, which can be carried forward and set off, as rightly stated by you.

That's a huge relief!
I guess I need a CA to deal with this carry forward thing.

Thanks a lot guys!

[Haque]

Seeking expert opinions on the following wrt ITR 2 for AY19-20; WRT to the declaration of AL when applicable:
- How is Jewellery expected to be filed in the case of a typical indian family - wherein, jewellery is accumulated over period of time and purchases are generally made for parents, spouse etc - i.e no clear record maintained in terms of who financed what and how much?
- how is the ownership of jewellery considered for filing of AL? Should the returns declare only such jewellery that is directly owned/used by the individual filing the returns OR should it also include all such items which are owned by the family?
- And could this not be used to demand claim for wealth tax that may not have been paid up?

The manadatory declaration of AL could be relied upon in future as reference for proof of ownership or otherwise by self... say a hypothetical situation arises wherein the GOI seizes all the jewellery in locker and to reclaim the same refers to the returns filed for proof of ownership... this is an extreme scenario - but couldnt come with a better idea to indicate what I wanted to check.