ITR Filing Simplified for Motilal Oswal Users: How to Upload Capital Gains Details

Motilal Oswal is a Mumbai-based financial service company established to spread knowledge and awareness of wealth-creation among people. Motilal Oswal offers varieties of investment and trading services to its customers. Apart from stocks and derivatives, it offers other products and services like fixed-income products, insurance, gold, mutual funds, etc.

However, it often becomes difficult for customers to note every transaction made on the portal. A Profit and Loss (P/L) statement is necessary for filing tax returns. In this article, we have discussed how to download P/L reports from the Motilal Oswal trading portal and file tax returns on Cleartax.

Motilal Oswal Profit and Loss (P&L) Statement

A profit and loss statement or report, also known as a capital gains report, is a consolidated statement of all capital gains or losses made during a financial year. These computer-generated reports remove the hassle of manually entering data individually for each transaction.

Motilal Oswal allows its customers to download these computer-generated P/L statements or capital gain reports like any other stockbroker firm. Apart from helping with income tax fillings, it segregates the capital gains based on the time frame for which the security was held. In other words, it categorises all the short-term capital gains and long-term capital gains.

One can also tailor the reports for various time frames like monthly, quarterly or for a financial year. It makes monitoring and tracking your portfolio easier and helps you make better investment decisions.

How to Check and Download the Profit and Loss Statement in Motilal Oswal?

Here is a stepwise guide for checking and downloading a profit and loss statement from Motilal Oswal.

Step 1: Visit the Motilal Oswal investment portal and sign in to your account by entering your credentials (User ID and password).

Step 2: On the homepage, click on the ‘Reports’ tab in the top right corner. Click on ‘ITR Reports’ under the ‘Operational Reports’ tab. 

Step 3: Once you click on ‘ITR Report’, a confirmation prompt will appear on your screen stating that your ITR report for the current financial year and previous financial year will be shared via mail. Click “Ok” to proceed.

Step 4: Shortly, you will receive a mail from Motilal Oswal on your registered email ID and the ITR report attached. Download the zip file to your computer.

Step 5: Once you have downloaded the zip file on your computer, unzip the same. You will find a zip folder inside named ‘Capital Gain Loss Summary Report’. Extract the same to view the capital gain report in an Excel file.

How to Upload Motilal Oswal P&L Statement and File ITR on Cleartax?

After downloading the P&L statement, upload the same on Cleartax and file your tax returns by following these steps:

Step 1: Sign up on the Cleartax portal and navigate to the ‘Income Sources’ section. Then, under ‘Capital Gain Income’, click ‘Add Details’.

Step 2: A list of brokerage platforms will appear on your screen. Click on ‘Motilal Oswal’ from the list.

Step 3: Click ‘Browse Files’ to upload the P&L Statement you downloaded on your device. Cleartax will now read and analyse the data from the Excel file and fill it up with the required data automatically. 

Alternatively, you can upload the  Motilal Oswal P&L statement using the Cleartax template by following the below steps:

Step 1: Log in or sign up on the Cleartax portal and navigate to the ‘Income Sources’ section. Click on the ‘Add Details’ button under the ‘Capital Gain Income’ heading.

Step 2: Scroll down and click on the ‘Use Cleartax Template’ button under the ‘Don’t see your brokers above? Use Cleartax template’ heading.

Step 3: Download the template by clicking on the ‘Download Template’ button in the first step. Enter the details of your capital gain investments as instructed in the template and upload the template by clicking on the ‘Browse Files’ button. Cleartax will read your transactions and calculate your capital gains details within minutes. 

A profit and loss report/statement is necessary for traders and investors. Manually entering the data is way too hectic and time-consuming. The above steps will allow you to easily download a P&L statement from Motilal Oswal and file ITR easily. Further, Cleartax processes 1000s of transactions in seconds and calculates complex taxes in a minute. 

File your ITR now with Cleartax and take taxes off your mind.

Frequently Asked Questions

How to file taxes if I have multiple trading accounts from different brokers?

Cleartax has partnered with various brokers like 5Paisa, Paytm Money, Groww, Sharekhan, CAMS, Karvy, ICICI direct, Zerodha, Upstox, etc. You can upload the profit and loss statement obtained from these brokers on the Cleartax platform, and it will parse it and auto-prepare the return.

Which ITR form applies to long-term investors and traders? 

ITR-2 and ITR-3 can be used for filing capital gains. If you invest in equity shares and mutual funds, the income earned will be treated as ‘Capital gains’, and you must use ITR-2. However, if you have income from intraday trading or F&O, it will be treated as ‘Business Income’, and you need to use ITR-3. 

Cleartax picks the correct ITR form automatically based on your income details.

How to set off losses when I file ITR through Cleartax?

You can add the details of the brought forward losses and depreciation on the Cleartax platform. The previous year’s loss is automatically adjusted with the current year’s income as per the Income Tax rules.
 

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