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How to Download the Choice Capital Gains Statement?
Choice Group, incorporated in 1992, is a financial institution dedicated to solving financial problems and bridging gaps for individuals, institutions, and governments. For the past 31 years, we have been committed to helping our clients achieve their financial aspirations and promoting value creation for society.
The main aim of this portal is to make investment opportunities accessible to all. However, keeping track of every transaction can be daunting for customers. Therefore, the platform provides its customers with a capital gains statement, a comprehensive record of all transactions made by the customer within a financial year. In this guide, we will help you understand what a capital gains P&L statement is and how to download it from the Choice portal.
What is Choice Capital Gains Statement?
If you trade with Choice, you must download a capital gains statement. This document provides a detailed record of your investments on the Choice platform, showing your overall profit or loss for the year. It comprehensively tracks your investments, capital gains, and returns over a specific period. Capital gains are the profits from selling assets. Capital gains can be both short-term and long-term, depending on how long you hold the assets.
When investing with Choice, you must submit your P&L statement when filing your income tax return (ITR). In the below section we provide you with a step-by-step guide to help you download Choice capital gains statement.
How to Download Choice Capital Gains Statement?
Given below are the simple steps that you need to follow to download the Capital Gains Statement from Choice Broking’s website -
- Step 1. Visit the official website of Choice Broking. Login to your choice portal by entering your login credentials.
- Step 2. On the Dashboard, navigate to the ‘Reports Menu’ and click on it.
- Step 3. Under the ‘reports menu,’ find the Tax P&L statement option and click on it.
- Step 4. Now, select the relevant financial year for which you want to download the capital gains statement. For example, if you are downloading your capital gains statement for FY 23-24, you need to select FY 2023-24.
- Step 5. Now, select Futures > Options > Commodity > Currency.
- Step 6. You can now download the report in Excel format.
Key Changes introduced in ITR forms for (AY) 2025–26
- Inclusion of Long-Term Capital Gains (LTCG) in ITR-1 and ITR-4
Previously, taxpayers with any LTCG were required to file more complex forms like ITR-2 or ITR-3. Now, individuals with LTCG up to ₹1.25 lakh from listed equity shares or equity mutual funds under Section 112A can file using the simpler ITR-1 (Sahaj) or ITR-4 (Sugam) forms, provided there are no carried forward losses. - Segregation of Capital Gains Based on Transaction Date
The updated ITR forms now require taxpayers to report capital gains separately for transactions executed before and after July 23, 2024. This change aligns with the revised capital gains tax rules introduced in the Union Budget 2024, which, among other things, reduced the LTCG tax on real estate to 12.5% without indexation from the previous 20% with indexation. - Reporting of Buyback Proceeds as Deemed Dividends
From October 1, 2024, proceeds received from the buyback of shares by domestic listed companies are to be treated as deemed dividends. The updated ITR forms require these proceeds to be reported under 'Income from Other Sources.' Additionally, the capital gains schedule should reflect zero sale proceeds, allowing the cost of acquisition to be claimed as a capital loss, which can be carried forward for up to eight assessment years. - Enhanced Capital Gains Reporting in ITR-7
For trusts, NGOs, and other institutions filing ITR-7, there is now a requirement to disclose capital gains separately for transactions before and after July 23, 2024. This change ensures accurate tax calculations in light of the revised capital gains tax rules. - Increased Threshold for Asset and Liability Reporting
In the ITR-2 form, the threshold for mandatory reporting of assets and liabilities has been raised to ₹1 crore. This adjustment aims to reduce the compliance burden for taxpayers with assets below this threshold.
How to Upload Choice P&L Statement on Tax2win?
After downloading the capital gains statement from the Choice website, follow these steps to upload it on the Tax2win’s website.
- Step 1. Visit the Tax2win page, and select File your return.
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Step 2. Now select ‘capital gains’ as your source of income and click on continue.
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Step 3. Now, navigate to the ‘Capital Gains’ section. Click on ‘Choice’.
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Step 4. From the pop-up window, click on browse files and upload the P&L statement.
Alternatively, you can also upload Choice P&L using the Tax2win template.
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Step 1. Click on the Tax2win Template.
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Step 2.
Click the 'Download Tax2win Template' button in the first step to download the template. Fill in your capital gain investment details as instructed in the template. Then, upload the completed template by clicking the 'Browse Files' button. Tax2win will read your transactions and calculate your capital gains details within minutes.
Follow these steps to download your Choice P&L statement quickly and upload it on Tax2win. Remember, it is mandatory to furnish your capital gains statement while filing your ITR. So, if you are planning to file your ITR for FY 23-24, make sure you have your capital gains statement ready for filing your Income Tax Return (ITR) for FY 23-24.
Filing your Income Tax Return with Tax2win is extremely easy. Simply upload your Choice Broking Capital Gains statement to complete your ITR hassle-free in less than 4 minutes. Start now!
Frequently Asked Questions
Q- Where can I get a capital gain statement?
Steps to Download Your Capital Gains Report for Mutual Funds:
- Visit the Official Website: Go to the official website of the respective mutual fund company.
- Log In: Use the credentials you provided to log in to your account.
- Download the Report: Once logged in, navigate to the section for capital gains reports and download the report for your mutual funds.
Q- What are capital gains details?
Capital gains are the profits made from selling investments like stocks, bonds, or real estate. Capital gains taxes are typically lower than ordinary income taxes, offering tax advantages to investors compared to wage workers. Additionally, capital losses can sometimes be deducted from your total tax bill.
Q- What is the capital gain income statement?
A capital gain is the profit made from selling an asset for more than its purchase price. Capital gains usually come from selling stocks, bonds, real estate, or intangible assets like goodwill. Conversely, a capital loss occurs when an asset is sold for less than its purchase price. A capital gain income statement is a financial document consisting of the details of the profit as well as loss from the sale of assets.