Filling itr

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abhimanyu (Querist)
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24 July 2018 X PURCHASED A PROPERTY AND DEDUCTED 1% TDS AND DEPOSITED THE SAME WITH INCOME TAX IN TIME. THE TRANSACTION APPEARS IN
26AS STATEMENT . OF X. NOW X HAS TO FILE ITR 3.

IT MAY BE ADVISED IN WHICH SECTION/COLUMN OF ITR 3 FOR ASSESSEMENT YEAR 2018-19, X SHOULD REFLECT THE PURCHASE OF THAT PROPERTY

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 July 2018 Add the property in the balance sheet.

abhimanyu

abhimanyu (Querist)
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24 July 2018 The assessee is an individual and is showing only presumptive income. He has some capital gain also due to which he is filing ITR 3 instead of ITR 4.

In fact main query is whether purchase of property is required to be shown anywhere in ITR Returns. There is also a case, who has salary income only and filing ITR-1. He has also purchased property and wants to know where in ITR -1 he should show purchase of property for which he has deposited TDS with the Income tax Department.

Thus, the query is where purchase of property is shown in ITR forms.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 July 2018 Those earning income below 50 lacs need not show assets in ITR. If still wanted to show, show it in assets and liabilities schedule.

abhimanyu

abhimanyu (Querist)
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25 July 2018 Thanks.

It is presumed that purchase of property in a case where income is below 50 lakh is not shown in ITR

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 July 2018 Yes,......

abhimanyu

abhimanyu (Querist)
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25 July 2018 Thanks very much, Sir

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