Income tax on property

You are not requried to show the house in the return when you purchase it.  Only if you are earning any income from teh house by way of rent then the income from the property should be disclsoed in your return.

If you are staying in your house & you have taken a home loan for the house then the interst paid on the home loan will get deducted from your total taxable income & you will get a dedcution u/s 80c on account of principal paid on the home loan.

The House need not be filed in the Return of Income as there is no place in ITRs to disclose the properties that you have purchased, But you need to prepare a Balance Sheet showing Statement of Assets and Liablities where the House that you have purchased has been purchased out of sufficient Capital in your Balance Sheet ( I mean to say you have to proof that you have suffiicient funds to purchase the house) 

Thank you very much. That's what i needed to know. Now if i didn't showed it in the previous assessment year, can i show it in this assessment year? A tax officer is charging me on the guess that i have intention to hide rental income so i didnt show it in the year it was registered. Now i want to show it and will i have to give any penalty for that or so on? 

I appreciate all your time for helping me out through this.