Disclosure of purchase of property in ITR

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Property purchase is not disclosed in ITR-1, and ITR-2 also has no separate reporting unless Schedule AL applies. If your income does not require Schedule AL, there is no mandatory disclosure of the property purchase, even if TDS under Form 26QB appears in Form 26AS.

Arti Gupta

Arti Gupta (Querist)
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01 July 2023 Dear Sir/ Maám,

My salary package is of 5.5 lakhs. I have purchased a property of Rs.1.36 crore and have accordingly paid stamp duty and deducted 1% tax from the sale consideration value and deposited the same in central Govt Account by Form 26qb. Now the sale consideration and and deduction of TDS is reflected in my Form 26AS.

My Query is do i have to disclose purchase of the above property in my Income tax return of this year ?
I file ITR-1 every year, should i disclose property purchase in ITR.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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01 July 2023 If you are filing ITR 1 or 2, the purchase transaction is not possible to be declared.

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Arti Gupta

Arti Gupta (Querist)
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07 July 2023 want more advise for my query

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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07 July 2023 As you file ITR 1, there is no column to declare purchase of property. In case your income were more than 50 lakhs in the year you were liable to file ITR 2 where in you were required to file Schedule AL, where all such assets can be declared.
So, unless any query raised by ITD, there is no option to declare property purchased in ITR 1 or 2.

Moreover, it is not mandatory.

Arti Gupta

Arti Gupta (Querist)
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07 July 2023 Thanku so much Sir for giving me a clear picture of my query.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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07 July 2023 You are welcome.

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