E-campaign high value transaction - property purchased jointly with spouse

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This discussion addresses a common query regarding e-campaign notifications for properties purchased jointly with a spouse. The user jointly bought an under-construction property with their wife, funded by a loan and personal contributions. Both received e-campaign emails showing the full transaction value. The core question is how to accurately report individual contributions (Rs. 50 lacs for the user, Rs. 20 lacs for the wife) and avoid duplicating the transaction amount in their respective income tax returns. The consensus is to split the transaction amount and report it individually, ensuring correct claims for loan interest and principal repayment deductions.

Rahul

Rahul (Querist)

31 December 2023 Hello,

Below are facts of my situation:

1. I booked a under construction property in FY 2018-19 jointly with my wife.
2. Loan in joint name.
3. Total purchase price is Rs.1 cr. Funded through - bank loan Rs.30 lacs, myself Rs.50 lacs and my wife Rs.20 lacs.
4. Property registered in FY 2022-23.
5. TDS for payments to builder from FY 2018-19 to 2022-23 are reflecting only in my income tax account.
6. Both of us received e-campaign email. For both of us it shows transaction amount as 1 cr and number of parties as 2.

Questions:

1. Should we correct the transaction amount for self as Rs. 50 lacs. Add another row, select 'information belongs to other pan', update spouse's PAN and mention Rs.50 lacs for spouse? Do this in the account of each of us?
2. or should confirm that information is correct for both us? But in that case, will it not duplicate the amount. Also my wife's ITR is smaller than me.

Greatly appreciate your help.!

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

31 December 2023 1 yes.
Show income from house property as self occupied or rented in case of both the ITR.
Claim bank loan interest and repayment deduction for both in ITR.

You can file revised return if not claimed.

Rahul

Rahul (Querist)

31 December 2023 Hello sir, thanks for your reply. Just to confirm that I should go with option 1 above i.e report half the property cost for each us correct?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

31 December 2023 Yes you are right...
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