Tarkeshwar Thakur (Engineer) (32 Points)
28 July 2008I have bought a flat still under construction for Rs 41 lacs out of which 28 lacs came from bank loan. Should this be declared in Annual Information Report item 6: "Purchase by you of any immovable property property valued at thirty lakh rupees or more"?
Or does this need to be declared only when I have put up >30lacs from my income this year for the purchase?
CA Nitin Wadhwani
(Chartered Accountant)
(4469 Points)
Replied 28 July 2008
Yes U Will Have TO Show In It.
Tarkeshwar Thakur
(Engineer)
(32 Points)
Replied 28 July 2008
| Originally posted by :nitin wadhwani | ||
| " | Yes U Will Have TO Show In It. | " |
Thanks for your reply, Nitin.
There is one more complexity. The flat is jointly in the name of me and my wife - both tax payers. So, per person asset value would be 41/2=20.5 lacs, which is less than the prescribed 30 lacs limit. Is it still needed to be shown? If so, what amount should I write in my return?
Also please note that the flat is not registered as its not yet ready.
Thanks again,
Tarkeshwar
CAclubindia
