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File ITR-2 Online FAQs - Income Tax Department
File ITR-2 Online FAQs - Income Tax Department
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6/20/2021 File ITR-2 Online FAQs | Income Tax Department
8. I own two houses. One is a farmhouse that I visit every week, and the other is my residence. Can both these residences be treated as self-occupied?
Up to AY 2019-20, you can claim only one property as self-occupied property and other property will be deemed to be let-out. From AY 2020-21 onwards only,
both the houses can be treated as self-occupied properties for residential purpose subject to fulfilment of specified conditions.
9. How to compute income from a property that is self-occupied for part of the year and let out for part of the year?
In this case, for the purpose of computation of income chargeable to tax under the head Income from House Property, such a property will be treated as let-out
throughout the year and income will be computed accordingly. However, while computing the taxable income in case of such a property, actual rent will be
considered only for the let-out period.
10. What incomes are charged to tax under the head Capital Gains?
Any profit or gain arising from transfer of a capital asset during the year is charged to tax under the head Capital Gains.
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6/20/2021 File ITR-2 Online FAQs | Income Tax Department
oriented mutual funds, listed securities like Debentures and Government Securities, Units of UTI and Zero Coupon Bonds, the period of holding to be
considered is 12 months instead of 36 months.
In case of unlisted shares in a company, the period of holding to be considered is 24 months instead of 36 months.
With effect from AY 2018-19, the period of holding of immovable property (being land or building or both) shall be considered as 24 months instead of
36 months.
13. As per the Income Tax Law, gain arising on transfer of Capital Asset is charged to tax under the head Capital Gains. What constitutes transfer as per Income
Tax Law?
Generally, transfer means sale, however, as per Section 2(47) of the Income Tax Act, 1961 transfer, in relation to a Capital Asset, includes:
Sale, exchange or relinquishment of the asset;
Extinguishment of any rights in relation to a Capital Asset;
Compulsory acquisition of an asset;
Conversion of Capital Asset into Stock-in-Trade;
Maturity or redemption of a Zero Coupon Bond;
Allowing possession of immovable properties to the buyer in part performance of the contract of the nature referred to in section 53A of the Transfer
of Property Act, 1882;
Any transaction which has the effect of transferring an (or enabling the enjoyment of) immovable property; or
Disposing of or parting with an asset or any interest therein or creating any interest in any asset in any manner whatsoever.
14. What are the provisions framed under the Income Tax Law in relation to carry forward and set-off of Capital Loss?
If loss under the head Capital Gains incurred during a year cannot be adjusted in the same year, then unadjusted Capital Loss can be carried forward
to next year.
In the subsequent year(s), such loss can be adjusted only against income chargeable to tax under the head Capital Gains, however, Long-Term
Capital Loss can be adjusted only against Long-Term Capital Gains. Short-Term Capital Loss can be adjusted against Long-Term Capital Gains as
well as Short-Term Capital Gains.
Such loss can be carried forward for eight years immediately succeeding the year in which the loss is incurred.
Such loss can be can carried forward only if the return of income / loss of the year in which loss is incurred is furnished on or before the due date of
furnishing the return, as prescribed u/s 139(1).
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