Air information in itr

This query is : Open

Rachit (Querist)
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23 May 2013 I. Tax Return (ITR) require assessees to give information about certain transactions entered into during the previous year, which are reportable in the AIR u/s.285BA.
My query is, if an individual and his spouse jointly purchase an immovable property (say) for Rs. 40 lacs and the share of each is 50% i.e. Rs. 20 lacs each.
My query is whether this information is required to be given in ITR by both individually?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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23 May 2013 ITR for assessment year 2013-14 do not carry the Annual Information Return (AIR) blocks.

Guest

Guest (Expert)

24 May 2013 The limits of AIR is applicable on individual basis

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Rachit

Rachit (Querist)
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24 May 2013 Since the ITR for AY 2013-14 does not have (AIR) blocks, then in what way the assessee should intimate the dept. about the said information