Is the property buying amount exempted from income?
This query is : Resolved
Rashmi Ranjan Das
(Querist)
28 June 2022
Dear experts
One of my whose total income 9 lacs . After considered the necessary exemption value and deduction value the taxable come to 135000.00. In this same financial year he had purchased a property and paid 2lacs . So my question is
1) Can it exempted from income , so that the taxable value become zero ?
2) If it exempted then Where I'll show in ITR 1?
Note - It's not a agriculture land.
Kindly guide me .
Thank you
One of my whose total income 9 lacs . After considered the necessary exemption value and deduction value the taxable come to 135000.00. In this same financial year he had purchased a property and paid 2lacs . So my question is
1) Can it exempted from income , so that the taxable value become zero ?
2) If it exempted then Where I'll show in ITR 1?
Note - It's not a agriculture land.
Kindly guide me .
Thank you
CA R SEETHARAMAN
(Expert)
28 June 2022
Purchase of property is not exempt from the income earned.
No need to show it in ITR.
No need to show it in ITR.
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