disclosure of flat purchased in itr 1

Save Share

This query is : Open

CA Deepika Gandhi (Querist)

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.

Gokul Sharma

Gokul Sharma (Expert)

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.

CA Deepika Gandhi

CA Deepika Gandhi (Querist)

25 July 2016 hi gokul . thanks for your response. apart from this is there any formality of disclosure anywhere else required?

Soumitra Basu

Soumitra Basu (Expert)

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.

CA Deepika Gandhi

CA Deepika Gandhi (Querist)

27 July 2016 thanks soumita :)

CA Deepika Gandhi

CA Deepika Gandhi (Querist)

27 July 2016 thanks soumitra

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now