[sunbaj]

Can anyone guide how to get the Dividend information for the financial year. I use ICICI Direct. Earlier there used to be a consolidated report for the financial year for the Dividend earned. Have not been able to find any in the current ICICI Savings bank linked to my Direct account.

Earlier getting all this information and filing it was simpler. Now the overall process has been made more complex. Yesterday I spent good 4 hours trying to understand how to fill the ITR2. It was just not accepting the House Rent paid. Finally after lot of hit and trial was able to enter it.

[vharihar]

What's the deadline for filing individual income tax returns?

[m8002?]

Originally Posted by blorebuddy

Please use Schedule 112A section. You will not enter the value directly. Enter acquisition cost (Total purchase value) and consideration (Total sale value). Profit or loss will be calculated. Hope this helps. Sorry I do not have screenshot.

Thanks for that. Now I have enter each SIP and buy/sell transaction. I cant understand why they just can't scan from an uploaded PDF statement from the broker or AMC.
When I used third party sites last year, I could just upload the PDF of the PL statement, Form16,etc and they used to do everything. Here we are, in this "new" site where we have manually key in each transaction. Progress!!!

I wish I can make all the Execs in Infy to use this system and file their taxes!!!

Anybody can throw light on how making filing the taxes this painful helps the country? Maybe I am missing something.

[blorebuddy]

Originally Posted by m8002?

Thanks for that. Now I have enter each SIP and buy/sell transaction. I cant understand why they just can't scan from an uploaded PDF statement from the broker or AMC.
When I used third party sites last year, I could just upload the PDF of the PL statement, Form16,etc and they used to do everything. Here we are, in this "new" site where we have manually key in each transaction. Progress!!!

Yes it's painful. We are the boast ourselves being the software services provider to the world.

You need not to enter each and every buy /sell here. You can enter consolidated buy/sell value. CAMS provides good capital gains statement like this and also quarter wise which is helpful. You can directly get the consolidated values from this statement. However other MFs (served by Karvy )is not yet providing this consolidated info. So for this I use an excel in my laptop, enter values from the PDFs and then arrive at the consolidated buy/sell.

[blorebuddy]

Originally Posted by blorebuddy

You need not to enter each and every buy /sell here. You can enter consolidated buy/sell value.

Would like to add one related point. In case if you are going to claim grandfathered LTCG (if you have bought stocks/Equity MFs before 31 Jan 2018 and in this year you have sold and going to claim tax deduction under this) then for each stock/MF level you can consolidate and you will be required to provide ISIN no.

[kshastry]

Those who are using ClearTax to file returns, is the JSON file option available under their paid plans? Their free plan doesn't seem to provide offline upload file.

[blorebuddy]

Originally Posted by blorebuddy

Wasted good 6 hours in trying to file ITR2 (consists of capital gains in equity, debt mf, dividend income and also carry forward loss from previous years) . Learnt a lot in this process Tried offline edition. However I am unable to submit as it's throwing 234c penalty though I have paid all taxes in advance. Very sad state of the utility. Tried online also couple of times it has it's own set of issues and looks like offline edition is better.

Called help desk as still this is an issue. They have asked me to ditch the draft version and start a fresh from scratch . I have tried both online and offline Aug 02 version of the utility over the weekend, it did not work. Now Aug 10th version of offline utility is also available. Will try to start a fresh filing. It's like writing imposition, trying multiple times to file & submit the return. I have by hearted the numbers for each section to be entered!

Looks like we tax payers pay all the taxes and also do free testing for Finance ministry and Infosys to fix all the defects in the portal. This is how the honest tax payers are treated in Incredible India.

[am1m]

Past few years was very happy with how simple it had become to file IT returns. Sad to hear that the new website/process has so many glitches. Have things improved? Was planning to wait till all the glitches were ironed out. Does it make sense to just go ahead and try now? My returns are pretty simple, just salary income and a few basic investments, nothing complicated.

[S_U_N]

My wife's mother passed away due to COVID in May. So her father decided to sell a small plot which was in her name (with help of lawyers). One part of the sales proceed will come to my wife.

What is the tax implication for such inheritance money for her? (daugher of deceased person).

[pradkumar]

My wife had inherited some ancestral property when she was very young. We have been trying to sell it, but have not done it so far. The CA told us that we have to get the value of the property when it was inherited. We have to talk to the registration office when the sale is being done to get the value of the property on the year of the inheritance and in some sort of official paper. Then compute the capital gains against the sale price.
If there are capital gains, the wifey can buy another property and get exemption against that. It has to be done within a year for apartments and within 3 years for constructed property. The second option is to buy govt bonds with the capital gains. The govt bonds for saving LTCG must be done within six months of the sale proceedings. These bonds are from National Highways Authority of India (NHAI) and Rural Electrification Corp (REC) Ltd. The return from these bonds are poor, that is, around 5.5% per annum for a duration of 5 years. The third option is to pay the capital gains tax and invest the rest of the money wherever we please.

Here is an example:
https://www.livemint.com/Money/gspq7...hin-6-mon.html

Thanks,
Pradeep

Originally Posted by S_U_N

My wife's mother passed away due to COVID in May. So her father decided to sell a small plot which was in her name (with help of lawyers). One part of the sales proceed will come to my wife.

What is the tax implication for such inheritance money for her? (daugher of deceased person).

[saisree]

Originally Posted by S_U_N

My wife's mother passed away due to COVID in May. So her father decided to sell a small plot which was in her name (with help of lawyers). One part of the sales proceed will come to my wife.

What is the tax implication for such inheritance money for her? (daugher of deceased person).

No implication, until you try to sell it.

Originally Posted by pradkumar

My wife had inherited some ancestral property when she was very young. We have been trying to sell it, but have not done it so far. The CA told us that we have to get the value of the property when it was inherited. We have to talk to the registration office when the sale is being done to get the value of the property on the year of the inheritance and in some sort of official paper. Then compute the capital gains against the sale price.

You have to reach your Income Tax Assessment Officer (AO) to get the capital gains calculated using the cost inflation index (CII). This CII is issued on a yearly basis and the Assessment officer will give you a certificate with actual LTCG. Registration office has nothing to do with this.

[sunilch]

Originally Posted by S_U_N

My wife's mother passed away due to COVID in May. So her father decided to sell a small plot which was in her name (with help of lawyers). One part of the sales proceed will come to my wife.

What is the tax implication for such inheritance money for her? (daugher of deceased person).

By 'her name' I guess you mean MIL. For your wife, since she is receiving the proceeds and not the actual property, it will be counted as GIFT and not inheritance. And hence it will be tax free. She will have to declare it in relevant sections during returns filling. But, your FIL may be subject to Tax on this sale of property.

[pradkumar]

Hi,

I didn't say that the LTCG is going to be calculated by the registration office. All I said was this property was inherited 47 years back. We have no way to guess the price of the inherited property then. That is why a document from the registration office is required about the prices 47 back as per their records.

Thanks,

Pradeep

Originally Posted by saisree

No implication, until you try to sell it.



You have to reach your Income Tax Assessment Officer (AO) to get the capital gains calculated using the cost inflation index (CII). This CII is issued on a yearly basis and the Assessment officer will give you a certificate with actual LTCG. Registration office has nothing to do with this.

[itwasntme]

For a exclusively salaried individual due a refund (TCS on vehicle purchase), what would be the current refund timelines be?

Is it automatic (i.e. within say 2 weeks bank credit) or more long-drawn now?

[Mr. Nobody]

I filed my IT return on July 29. Why is the tick missing on the 2nd circle? Do I need to do anything ?