Hi,
I got an email IT Department with title "e-Campaign - High Value Transactions for AY 2023-24" yesterday (Dec 25th). I am NRI with OCI card and purchased an apartment in August 2022 and made part of the payment in installments during AY 2023-24. I paid GST and TDS on the installment amount. Apartment is expected to be completed by the builder and registered to me in 2025.
Email says "the Income Tax Department has received certain information on high value transactions relating to XXXXXXXXXX for Financial Year 2022-23. The Income Tax Department has identified following high value information which does not appear to be in line with the Income Tax Return (ITR) filed by you for Assessment Year 2023-24 (relating to FY 2022-23). Purchase of immovable property - Rs .....". Amount mentioned exactly matches amount paid to the builder.
It asks me to Click on row with campaign type 'High Value Transactions' under e-Campaign list and click on "Provide Feedback in AIS" button on expanded view and select one of the following options.
Option A: Information is correct
Option B: Information is not fully correct
Option C: Information relates to other PAN/year
Option D: Information is duplicate/included in other information
Option E: Information is denied
As i am an NRI i filed ITR-2 for AY 2023-24 in early July 2023. My only income in India for AY 2023-24 is only few thousand in Bank account interest which i declared and got small amount refunded. Total amount paid to the builder is present in both TIS statement (TDS/TCS) and also AIS statement (TDS-194IA(P)).
I have following questions
1. Does purchase of immovable property need to be declared in ITR-2?
2. If no why was this notice generated? Can i select Option A in this case?
3. If yes do i need to file revised ITR? which form in ITR would i use to provide the apartment purchase details?
CAclubindia
