My salary package is of 5.5 lakhs. I have purchased a property of Rs.1.36 crore and have accordingly paid stamp duty and deducted 1% tax from the sale consideration value and deposited the same in central Govt Account by Form 26qb. Now the sale consideration and and deduction of TDS is reflected in my Form 26AS.
My Query is do i have to disclose purchase of the above property in my Income tax return of this year ? I file ITR-1 every year, should i disclose property purchase in ITR.
07 July 2023
As you file ITR 1, there is no column to declare purchase of property. In case your income were more than 50 lakhs in the year you were liable to file ITR 2 where in you were required to file Schedule AL, where all such assets can be declared. So, unless any query raised by ITD, there is no option to declare property purchased in ITR 1 or 2.
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