Capital gains + multiple properties + foreign assets + NRI + director. Schedule CG + 112A scrip-wise + Schedule FA. Section 54/54F exemptions. Reconcile AIS/26AS.
ITR-2 FOR: (1) CAPITAL GAINS (shares, MF, property, gold). (2) MORE THAN ONE house property. (3) Income > ₹50L. (4) FOREIGN income/assets (Schedule FA). (5) NRI/RNOR. (6) DIRECTOR in company. (7) UNLISTED SHARES held. (8) Agricultural income > ₹5K. NOT FOR: business/profession income (use ITR-3). KEY: most common form for investors + property owners + NRIs + senior salaried with capital gains.
SCHEDULE CG (Capital Gains): (1) SHORT-TERM (STCG): equity 20%, others slab. (2) LONG-TERM (LTCG): equity 12.5% above ₹1.25L, property 12.5%/20% indexed. (3) SCHEDULE 112A: scrip-wise listed equity LTCG. (4) Property sale: cost, indexation, Section 54/54F exemptions. (5) DEBT MF: slab rate (post-2024). PROCESS: enter each asset class. Import broker P&L. Reconcile with AIS. CRITICAL: scrip-wise 112A detail mandatory for listed shares.
SCHEDULE FA (Foreign Assets) in ITR-2: (1) MANDATORY for RESIDENTS with foreign assets. (2) Foreign bank accounts, stocks, property, ESOPs. (3) Peak + closing balance. (4) ₹10L per asset penalty for non-disclosure (Black Money Act). (5) NRI: not required (only residents). APPLIES: returning NRIs, RNOR, expats, HNW with foreign holdings, RSU/ESOP holders in foreign companies. CRITICAL: disclose ALL foreign assets — major penalty + prosecution risk for omission.
ITR-2 FILING: (1) Login e-filing portal. (2) Select ITR-2 + AY 2026-27. (3) Pre-filled salary + interest + TDS. (4) ADD Schedule CG (capital gains) — import broker data. (5) ADD multiple house property income. (6) Schedule FA if foreign assets. (7) Choose regime. (8) Verify tax + pay balance. (9) Submit + e-Verify within 30 days. COMPLEXITY: higher than ITR-1 — capital gains computation + scrip-wise + exemptions. TIME: 1-3 hours or use CA/software. STRATEGIC: tax software (ClearTax) helps with CG import.
ITR-2 STRATEGY: (1) MAINTAIN broker P&L + capital gains statements. (2) SCRIP-WISE 112A for listed equity. (3) SECTION 54/54F/54EC exemptions for property gains. (4) GRANDFATHERING (Jan 31 2018 FMV) for old shares. (5) SCHEDULE FA: disclose ALL foreign assets. (6) SET-OFF losses (carry forward via timely filing). (7) RECONCILE with AIS + 26AS. (8) NRI: NRO income + DTAA. (9) USE tax software for CG complexity. (10) ENGAGE CA if foreign assets + multiple properties + large gains. CRITICAL: capital gains errors common — main source of ITR notices.