Income tax return

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This discussion addresses how to report self-funded payments when purchasing a residential flat with a bank loan for the AY 20-21 income tax return. The advice suggests showing the self-funded amount as an advance for purchase in the balance sheet. It clarifies that GST paid on a house purchase cannot be claimed as ITC (Input Tax Credit).

PR SHARMA

PR SHARMA (Querist)
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05 April 2020 Sir/Mam,
I have booked a RESIDENTIAL FLAT. In which 40/% is Self Funding and rest will be i.e. 60% from loan by Bank. Which is already Sanction but due to CORONA it was not executed in March 20. My question is that how will be show the paid amount (self funding) while filing income tax return computation for AY 20-21. This is 1st time home purchase .KINDLY ADVISE ME THANKS
PR SHARMA MUMBAI

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 April 2020 Show it as advance for purchase in the balance sheet. No need to show the amount in case no balance sheet furnished in the return.

PR SHARMA

PR SHARMA (Querist)
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06 April 2020 seetaraman Sir I was unable to under stand Show it as advance for purchase in the balance sheet.
it will be provision of home purchase or what pl clear it..
Also want to know paid GST amount can get ITC while GST filing individual

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 April 2020 It's only advance payment show it as advance.
No ITC can be claimed on GST of house purchase.

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