ITR-2 is an income tax return form designed for individuals and Hindu Undivided Families (HUFs) who have income from sources other than business or profession. This form is typically used by individuals who have income from multiple sources, including salary, house property, capital gains, or foreign income.
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Who Should File ITR-2?
ITR-2 is meant for individuals and HUFs who meet the following conditions:
Income from Salary/Pension: Individuals earning income from salary or pension can file ITR-2.
Income from House Property: If you have income from house property, including self-occupied or rented property, you should use ITR-2.
Capital Gains: If you have income from capital gains (such as the sale of property, shares, or other assets), ITR-2 is the appropriate form to file.
Income from Foreign Sources: Individuals earning income from foreign assets, investments, or income sourced from outside India are required to file ITR-2.
No Business/Profession Income: ITR-2 is applicable to individuals and HUFs who do not have any income from business or profession. If you have business income, you need to file ITR-3 instead.
Total Income More Than ₹50 Lakh: ITR-2 is also applicable for individuals whose total income exceeds ₹50 lakh during the financial year.