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Purchased flat related query

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(Querist)
29 February 2020 If a person has purchased flat without sale of any flat or property. in this case purchased flat entry is necessary to show in capital gain schedule or other schedule?
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Eswar Reddy S

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Eswar Reddy S (Expert)
29 February 2020 Hello, Capital arises only on sale.There is no capital gain on purchase. But if you a flat or property ,the value of which exceeds 50lacs then you must deduct tax @ 1% u/s 194IA and issue Tds Certificate to the seller
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
29 February 2020 No need to show such purchase unless you earn income of 50 lacs.
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