Capital Gains

If you derive any Profit or gain from the transfer of a Capital asset then it is chargeable to tax under Capital Gains provided such profit or gain should not be exempt from tax u/s 54 etc.

 There are two types of capital assets viz Short term and Long term:-

A) normally Short term assets means an asset not held for more than 36 months

B) Long term asset means an asset held for more than 36 months (Exception to this is Equity / Preference Shares, Zero Coupon Bonds, where period is 12 months)

examples of capital gains are sale of equity shares, mutual fund, house property etc.

Following documents required for filing the Income tax return:-

1) Sale and Purchase details of Capital Asset with other inputs like incidental charges like brokerage, Legal fees etc

2) Pan card copy

3) Aadhar card copy of Proprietor in case of Proprietorship, In other cases Aadhar copy of Partners , Directors, Trustees or Office Bearers as applicable

4) Income Tax Filing site password

5) Bank Details viz Bank Name, Account Number, IFSC Code, Type of Account (Savings or Current)

6) Valid Email id and Mobile Number to verify return filed

After filing the income tax return, we need to verify to confirm that the return filed is filed by you, hence everification process is required to be done within 30 days of filing. This is done using Aadhar OTP or Bank EVC or by sending signed physical copy of return by normal post to CPC Bangalore.