disclosure of flat purchased in itr 1
This query is : Open
25 July 2016
hi guys,
I have a income from salary. recently I have bought a flat whose agreement value is below 50lakhs. please advice do I need to disclose it anywhere while filing itr 1?
Deepika.
25 July 2016
IF YOU ARE OCCUPING THIS FLAT AS SELF OCCUPIED YOU CAN DISCLOSED . IF LET OUT PROPERTY THAN RENT RECEIVED - 30% OF RENT RECIVED WILL ADDED IN YOUR INCOME.
25 July 2016
hi gokul . thanks for your response. apart from this is there any formality of disclosure anywhere else required?
27 July 2016
Presuming that you have made only the agreement but registration has not been done, please beware of section 56 for the difference in market value and agreement value and take precaution for that.Apart from that the stamp duty of the registration may be considered as deduction under section 80C in the year of registration.
27 July 2016
thanks soumita :)
27 July 2016
thanks soumitra
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