Singha Tax

ITR-2

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ITR-2 Filing – For Individuals & HUFs with Capital Gains, Multiple Incomes

What is ITR-2?

ITR-2 is the Income Tax Return form for Individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. This form is used by taxpayers with income from salary, more than one house property, capital gains, or foreign income.

Who Can File ITR-2?

You can file ITR-2 if you have:

 

    • Income from Salary/Pension

    • Income from More than One House Property

    • Capital Gains from sale of property, shares, mutual funds, etc.

    • Income from Other Sources (interest, family pension, lottery, etc.)

    • Income as a Partner in a Firm (not carrying business under your name)

    • Foreign Income / Foreign Assets

    • Agricultural income above ₹5,000

    • Total income above ₹50 lakhs

Why Should You File ITR-2?

  • Mandatory if your income falls in this category

  • To declare capital gains and avoid notices

  • To claim refunds on excess TDS deducted

  • Proof of income for loan, visa, and financial transactions

  • To disclose foreign assets and income as per compliance rules

Documents Required for ITR-2 Filing

  • Form 16 from Employer (if salaried)

  • Form 26AS / AIS / TIS (Tax Credit Statement)

  • Sale & Purchase details of property/shares/mutual funds (for capital gains)

  • Bank statements & interest certificates

  • Investment & deduction proofs (80C, 80D, etc.)

  • Aadhaar, PAN, and bank details

  • Details of foreign income/assets (if applicable)