Purchased flat related query
This query is : Resolved
29 February 2020
If a person has purchased flat without sale of any flat or property. in this case purchased flat entry is necessary to show in capital gain schedule or other schedule?
29 February 2020
Hello,
Capital arises only on sale.There is no capital gain on purchase.
But if you a flat or property ,the value of which exceeds 50lacs then you must deduct tax @ 1% u/s 194IA and issue Tds Certificate to the seller
29 February 2020
No need to show such purchase unless you earn income of 50 lacs.
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