File ITR for Income from Capital Gains

File ITR for Capital Gains Income

Any profit you have made from selling an asset is capital gains. There are two types of capital gains: short-term capital gains and long-term capital gains. Short-term capital gains refer to the profits made after holding a capital asset for less than a year, while long-term capital gains refer to the profits made after holding a capital asset for more than a year. Learn what documents you need to file an income tax return for income from capital gains.

Capital Asset is

• Property whether connected with business or profession
• Securities held by a foreign institutional investor under SEBI regulations
• Unit-linked insurance policies

Common Capital Assets types can be the following

• Real estate, land, building, or property
• Investments in stocks, bonds, mutual funds, or ETFs
• Precious metals and jewelry of gold, silver, or other precious metals
• Collectibles and art pieces, including paintings, rare coins, or stamps
• Business equipment and intellectual property, machinery, patents, and trademarks
• Personal use items can also be capital assets, but are treated differently in the Income Tax Act, and exemptions are allowed

Document Requirements for Filing ITR for Capital Gains Income

For the Sale of immovable property

• Full address of property
• Details of the buyer, like PAN and Aadhaar
• Improvement of cost details
• Transfer expenses showing the sale and purchase value
• Sales and purchase deeds

For the sale of mutual funds, equity shares, and virtual digital assets

• Consolidated capital gain statements from CAMs and Kfintech for the sale of mutual funds
• Capital gain statement and tax P&L for sale of equity shares
• Transaction and profit & loss reports for exchanges for the sale of virtual digital assets

For other capital gains, taxpayers must have the sale consideration and the purchase cost details.

How to File Your ITR?

1. After Taxpayers have logged in to our platform, give us additional primary information so that we can know your requirements better  
2. Then you have to provide us with all the documents required for the particular service (as mentioned above in the article)
3. Now it is time to pay the service fee, which is automatically calculated based on the questions we asked you earlier
4. As soon as the payment is made, TaxDunia assigns an expert to the client
5. The expert evaluates the documents and starts the procedure on the respective government portal on behalf of the client
6. If any specific documents are required later, the expert will communicate with you directly
7. Based on the complexity of the task, the government sends approval for the aforesaid service

Our team is available from 10 AM to 7 PM on working days (Monday to Saturday), except public holidays. The expert is not responsible for the authorities’ judgment.

We keep the client informed about the current updates to make the procedures transparent. Credibility and confidentiality matter to us. Today is the most suitable day to start with TaxDunia.