Filling itr

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abhimanyu (Querist)

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)

24 July 2018 Add the property in the balance sheet.

abhimanyu

abhimanyu (Querist)

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)

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)

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)

25 July 2018 Yes,......

abhimanyu

abhimanyu (Querist)

25 July 2018 Thanks very much, Sir