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Discussion > Income Tax > Tax queries >

Annual Information Report qus

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Engineer


[ Scorecard : 32]
Posted On 28 July 2008 at 20:13 Report Abuse

I 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?


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CA Nitin Wadhwani
Chartered Accountant


[ Scorecard : 4459]
Posted On 28 July 2008 at 21:57

Yes U Will Have TO Show In It.





Tarkeshwar Thakur
Engineer


[ Scorecard : 32]
Posted On 28 July 2008 at 23:14

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



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