Income tax

Hi pankaj

I have filled the ITR1 excel sheet and mentioned the taxable income,and payable tax. I have invested around 2lacs in shares and the market value as of today is 1 lakh in the current year.

do i need to fill ITR1 and ITR2 or only ITR1 or only ITR2.

Please guide me in filling up the tax returns online.

Thanks Mahesh

asked Jul 14 '11 at 05:28 by taxfiling 1222

Unrealized loss/gains cannot be shown in income tax return. So you cannot claim any benefit of notional loss due to value of yours stocks.

You can file ITR1 if you only have income from Salary and bank interests. You can file income tax return online yourself.

answered Jul 14 '11 at 15:02 by Pankaj Batra 5.2k320

Thank you very much Pankaj for clarifying my doubts. Really appreciate your help for answering everyone's questions. Thanks again.
(Jul 15 '11 at 05:16) taxfiling

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Asked: Jul 14 '11 at 05:28

Seen: 1,751 times

Last updated: Jul 15 '11 at 05:16