Is it mandatory to delcare a newly constructed house during 2013-14 which was assessed for corporation tax post completion of construction to be declared in ITR. Please quote relevant provisions from IT Act.
Baskaran (PRIVATE FIRM) (28 Points)
31 July 2014Is it mandatory to delcare a newly constructed house during 2013-14 which was assessed for corporation tax post completion of construction to be declared in ITR. Please quote relevant provisions from IT Act.
CA R SEETHARAMAN
(CA Practice )
(143055 Points)
Replied 31 July 2014
If you constructed the house to claim capital gains and claiming interest on borrowed money and earning taxable income, whether rented out or self occupied you have to disclose.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
