I have purchase one flat in new delhi in PY for 1.2Cr, 85Lacs of whose i have taken loan from my husband and 2 sons and rest was paid by me. The query is that do I have to show this in my return, if yes, in ITR2? I pay no interest or principal as loan is on personal understanding. what is important is that do i have to show housepurchase 9 i dont think there is a provision) secondly where to show the loan given to me by my sons.
3 Replies
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 03 August 2013
okay but do i have to mention this in my return? if yes, where is the provision and where to show loan? Plz guide,
Mihir
(Wealth Manager)
(5293 Points)
Replied 04 August 2013
The value of the property exceeds 50 lacs, so you have to deduct TDS at 1%. Fill form 26QB and pay TDS. Since this is a new rule effective from 1st june, we are still trying to figure the effects of TDS credit in ITR.
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