My query is about purchase of a flat and how to Disclose this in ITR 1 while making payments of Rs 15 Lakh in through cash or through non-cash mode and there is a loan also, the details are as under:
Queries: 1) The builder wants the payment of Rs 15 Lacs in cash, whether it is good to pay cash or pay through cheque 2) Registry amt. to be paid through cheque or cash 3) Since, last 3 years I have started job and regularly filing ITR 1, in current financial year How to disclose all of this irrespective of payment through cash or cheque. 4) Please help me in guiding to file ITR also regarding purchase of the same, loan and interest on loan amount.
It is requested to please provide the solution as it is the tremendous situation in which I got stucked.
26 December 2018
1 Good to pay through cheque. 2 Pay through cheque. 3 Continue to file ITR 1 claim tax benefits on buying the house. No need for disclosure in ITR of purchase details. Diclose under income from house property as self occupied or rented out. 4 Claim 80c benefit on loan repayment and interest payments under section 24.
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