Report exact transfer date of assets in ITR

TALLY DETAILS WITH AIS, TIS & FORM 26AS

- SAIKAT NEOGI

THE INCOME TAX returns (ITR) forms for AY 2025-26 require mandatory disclosure of the exact date of transfer for each asset for capital gains. The revised ITR forms include specific schedules for reporting capital gains with segregation based on transfer dates.

An assessee must collect all transaction statements from brokers and investment platforms and segregate them based on whether the date of transfer is before or on/after July 23, 2024. He should consolidate sales of each transaction as equity, debt, real estate, gold, or other capital assets and calculate the tax rate accordingly.

The taxpayer should maintain proper sale records such as broker contract notes and mutual fund capital gain statements. Most importantly, he must cross-verify reported information with the annual information statement, tax information statement, and Form 26AS to avoid discrepancies.

Sandeep Sehgal, partner, Tax, AKM Global, a tax and consulting firm, says errors in reporting the date of transfer or incorrect classification of gains can result in mismatches while processing the tax return under Section 143(1). "Disclosing all relevant details in the appropriate ITR schedule, as mandated by the latest ITR forms for AY 2025-26 is a prerequisite requirement to report capital gain accurately," he says.