Iqbal Singh (Senior Manager) (34 Points)
14 June 2017HI ,
In the schedule AL in ITR2 we need to reflect our assets. Do we need to reflect under construction residential property that is only partially paid for to the Builder. If yes, where exactly in the ITR2 Form.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170790 Points)
Replied 14 June 2017
Need not, but total assets value should be declared.
Iqbal Singh
(Senior Manager)
(34 Points)
Replied 14 June 2017
Thanks, Mr Rambhia, but could you please guide where exactly should you reflect the total assets value in the ITR 2 as Immovable property is listed in Section A in AL schedule.Section B is for movable assets, Section C is for interest held in a Firm. So where exactly to reflect this?
Iqbal Singh
(Senior Manager)
(34 Points)
Replied 17 June 2017
Hi Can anybody answer this please ?
In ITR2 under Schedule AL where to reflect property under construction with abuilder and only partly paid for?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170790 Points)
Replied 17 June 2017
AND LIABILITIES
A Details of immovable asset
Sl.
No.
Descripttttion Address Amount (cost) in Rs.
(1) (2) (3) (4)
(i)
(ii)
B Details of movable asset
Sl.
No.
Descripttttion Amount (cost) in Rs.
(1) (2) (3)
(i) Jewellery, bullion etc.
(ii)
Archaeological collections, drawings, painting, sculpture or any work of art
(iii) Vehicles, yachts, boats and aircrafts
(iv) Financial asset Amount (cost) in Rs.
(a) Bank (including all deposits)
(b) Shares and securities
(c) Insurance policies
(d) Loans and advances given
(e) Cash in hand
C Interest held in the assets of a firm or association of persons (AOP) as a partner or member
Iqbal Singh
(Senior Manager)
(34 Points)
Replied 17 June 2017
Thanks Mr Rambhia. This means that under construction property needs to be reflected along with the completed property details itself. My doubt was that if we do so, since there is no place to mention that this property is still under construction, would it not result in a query as to why these properties are not shown / demed as let out ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170790 Points)
Replied 17 June 2017
(d) Loans and advances given
comes under current assets and not under Immovable assets!!!
vaibhav M.
(Sr. Manager)
(24 Points)
Replied 29 June 2017
Hello Sir, my query in AL schedule, under bank accounts ( including deposits), details about FDs with bank and/or RD etc need to be provided?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170790 Points)
Replied 29 June 2017
Yes......... all balances including deposits, FDs with accrued interest, RD balance etc....... in aggregate.
naveen ballal
(4 Points)
Replied 15 July 2017
Hello Sir,
This year I sold some shares and hence accrues LTCG of Rs 53 lacs. Should I now fill Schedule AL since total income is > 50 lacs or should I follow the definition of Total income which excludes Exempt Income as per IT act and not fill schedule AL?
Pls advise
Regards
Naveen
naveen ballal
(4 Points)
Replied 15 July 2017
Hello Sir,
This year I sold some shares and hence accrues LTCG of Rs 53 lacs. Should I now fill Schedule AL since total income is > 50 lacs or should I follow the definition of Total income which excludes Exempt Income as per IT act and not fill schedule AL?
Pls advise
Regards
Naveen
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170790 Points)
Replied 15 July 2017
Yes, you have an option........
Rohit
(Tp)
(18 Points)
Replied 17 July 2018
HI Dhiraj,
I live in an owned (jointly with mother) property and recently I purchased another under construction flat (jointly with mother) in Dec 2017 on Bank loan. I will get possession after 4 years.
Question :Where in ITR2
1) Do I need to enter details of under construction property.
2) Where to enter pre EMI & interest details so that I can claim refund on interest after possession.
3) I have also paid TDS 1% while purchasing property. Where do I enter these details (6B details/ 26qb) in ITR
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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