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

Computing capital gain taxes cannot seem tedious or time-consuming when you file your return on ClearTax. Because all you need to do is upload your capital gains statement from your broker’s platform. All your equity and mutual fund transactions will be captured and segregated automatically as long-term capital gains, short-term capital gains, business income, or speculative income within minutes. Here’s how you can fill the capital gain details in your ITR if you have an account with Motilal Oswal.

Login

Step 1: Log in to the ClearTax account.

Step 2: Choose a plan and click on the ‘Start Filing’ button.

Linking PAN

Step 3: Enter your ‘PAN’ and ‘Date of Birth’ to link your PAN. Then, choose the number on which you want to receive the OTP – ‘Aadhaar registered mobile number’ or ‘IT Department registered mobile number’.

Step 4: Enter the OTP and click ‘Verify OTP’.

Pre-fill personal and salary information

Step 5: Complete another OTP verification to have your personal and salary information pre-filled. 

Note: You may skip the pre-fill option and manually enter the details.

Step 6: A preview of your all personal details will appear on the screen. Ensure they are correct.

Step 7: To add, delete, or modify any information, you can go to the ‘Personal Info’ tab and make the changes.

Capturing capital gains transactions

Step 8: To capture capital gain information in ITR, go to the ‘Income Sources’ tab and select the capital gains section. Now, click on ‘Click here if you sold any asset’. 

Step 9: On this page, you will see an option to download the ‘ClearTax Excel template’. After downloading it, key in the required details in the template using Motilal Oswal’s P&L report. You may download the P&L report from Motilal Oswal’s platform (refer to FAQs for a step-by-step download guide). 

Step 10: Once you have filled up the template, click on ‘Upload File’.

Step 11: Select the ‘ClearTax Template’. Now click ‘Choose File’ to upload the file and click ‘Proceed’. 

Step 12: You will now see a summary of your short-term and long-term capital gains and losses. 

Any speculative transactions (e.g., intra-day trading) included in the report will be captured automatically in the ‘Business Income’ section under the heading ‘Speculative Income’.

Step 13: Scroll down to see the details of each transaction. All the transactions will be grouped into long-term and short-term capital gains automatically. You can modify or delete them using the ‘Edit’ or ‘Delete’ option. 

This way, your capital gains tax can be computed on ClearTax in minutes if you have a Demat or a trading account with Motilal Oswal.

Frequently Asked Questions

How to download or Access Profit and Loss Report from Motilal Oswal

You can download the P&L report from the Motilal Oswal web portal by following these steps:

• Log in to your trading account on the Motilal Oswal website.
• Click the chatbot ‘Talk to MO genie’ and select ‘Profit & Loss Statement’ from the options. 
• The bot will provide options to select the relevant period for which you want the statement.
• You will now see the start date and end date of your statement along with an option to either ‘view’ or receive the statement over ‘e-mail’ on your registered e-mail id. 
• You may now download this statement from your e-mail and use it to fill in the ClearTax excel template.

You will only need to copy the details from the P&L statement on this template and upload the file as shown in the steps above. ClearTax will pull all your capital gains data and process them accurately. 

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? (for trading or capital gains income)

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.