Purchase of immovable property

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hello there, i want to purchase an immovable property costing 25,00,000, nd i m paying 15,00,000 in cash/chq nd for balance by taking loan, i have not filed income tax return yet, can u plz tell how can i show this amount if i don't hv ITR, what other consequences may be there. thanx for reply to expert.
Replies (2)

Have you purchased the property in your name by utilising your own funds.

There's no need to show anything in your return about the immoveable property purchased unless u r claiming any exemption u/s 54, 54F.  You have not specified regarding this.

If u are not claiming any tax exemption on immoveable property then you only need to show the Stamp Duty and Registration charges paid as deduction u/s 80C upto Rs. 150k and for the loan you have taken  it is to be shown as a loss from the GTI upto Rs. 2lacs.

If the property is under construction and you have started paying your EMI's then you can't claim the loss on account of interest in the current A.Y. It can be availed under 5 equal isntallments from the A.Y. relevant to the P.Y. before whihc you got the possession of the property.

Thanks sir for or reply but my query is not this...I want to know whether will I be asked the source of this 15,00,000 or not by dept when I HV not filled return at all ?


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