ITR-4 can be filed by individuals with income up to Rs 50 lakh from business or profession and have opted for presumptive taxation scheme. As a medical practitioner, you may offer the income to tax under Section 44ADA, i.e., presumptive basis wherein taxable income is deemed to be 50% of gross receipts, with no requirement to maintain books of accounts. No additional deductions in respect of any expenses will be allowed. Further, income from NFO mutual funds and listed shares shall be capital gains and it can be disclosed in ITR-4. Individuals deriving income under the heads ‘Salaries, Business/ Profession and other sources’ are required to file  ITR-3.

Further, since tenancy right in a residential house is not same as a residential house, she can’t avail exemption under Section 54 by investing the indexed capital gains but will have to invest the net consideration to avail exemption under Section 54F. Since tenancy right is neither land nor a building, she can’t avail the tax exemption by investing in capital gains bonds under Section 54EC.