Property bought and Return filing regarding

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vikas garg (Querist)

23 June 2016 I have recently bought underconstruction flat in Jan 2016 and also I deducted TDS of seller form 26QB and issued form 16b to seller in march 2016. Now I want help in filing IT return for FY 2015-16(AY 2016-17). I am in profession so i fill form V always. What are the additional forms or other requirements to be filled for IT return perspective arises due to property. Thanks and Regards Vikas singh

Amol S Joglekar

Amol S Joglekar (Expert)

23 June 2016 you continue filing itr 4. that is enough

Rupesh Jain

Rupesh Jain (Expert)

23 June 2016 you can file itr in form -4.............

vikas garg

vikas garg (Querist)

23 June 2016 Thank you very much for your reply.
Please tell me where shall I show this transaction amount in IT return.
Is the tds deducted by me of seller will be reflected in my return or not.
Pls clarify.

Amol S Joglekar

Amol S Joglekar (Expert)

25 June 2016 You do not have to show this anywhere in your personal return.
For the TDS you need to file a separate TDS return 26QB

vikas garg

vikas garg (Querist)

23 July 2016 Thank you very much for your reply. While filing ITR 4S at one place asking "Details of tax collected at source ".
Please tell me whether tax deducted by me as buyer of immovable property comes under this. I have already filed tds return form 26qb and issued form 16b to seller. Pls advise.

vikas garg

vikas garg (Querist)

23 July 2016 Thank you very much for your reply. While filing ITR 4S at one place asking "Details of tax collected at source ". Please tell me whether tax deducted by me as buyer of immovable property comes under this. I have already filed tds return form 26qb and issued form 16b to seller. Pls advise.

Amol S Joglekar

Amol S Joglekar (Expert)

25 July 2016 In ITR 4S...where is the column for Tax COLLECTED at Source ....can you please tell the sheet name?
It is there for Tax DEDUCTED at source......

vikas garg

vikas garg (Querist)

25 July 2016 just under tax deducted at source row (tab is Tax details)

Amol S Joglekar

Amol S Joglekar (Expert)

25 July 2016 you are not supposed to fill that.....
In COLLOQUIAL terms, although your thinking of having COLLECTED tax from SELLER of flat might be correct BUT NOT SO UNDER INCOME TAX.
For this you have already filed your return 26qb, isnt it?
Now in your return of income you dont have to show this......

vikas garg

vikas garg (Querist)

25 July 2016 thanks a lot dear for your kind advise.

Amol S Joglekar

Amol S Joglekar (Expert)

25 July 2016 you are most welcome.

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