ITR stands for Income Tax Return, which is a form used by taxpayers to file their income tax with the government of India. There are different types of ITR forms, such as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7, depending on the source of income and the category of the taxpayer.
ITR-2 is the income tax return form used by individuals and Hindu Undivided Families (HUFs) who have income from capital gains, income from house property, and income from other sources, excluding income from business or profession.
Capital gains refer to the profit or gains arising from the sale or transfer of capital assets such as property, stocks, mutual funds, etc. Income from house property refers to the income received by the owner of a property that is let out on rent. Income from other sources includes income from bank deposits, fixed deposits, savings accounts, etc.
To file ITR-2, you will need to gather all the relevant documents related to your income, deductions, and taxes paid during the financial year. You can then use the online income tax filing portal or consult a tax expert to help you file your ITR-2 accurately and on time.