Selling of house

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A homeowner who bought a property in 2016 for Rs 70 lacs is concerned about potential income tax notices as they didn't declare the house in their 2016-17 ITR. They had paid the buyer's TCS at the time of purchase. Experts have advised that no notice should be issued for a self-occupied property if the buyer has legitimate sources of income, especially if it's their only property.

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(Querist)
17 May 2024 Dear experts

I purchased a house in Feb2016 for Rs 70 lacs which I want to sell now in 2024.... During purchase I deposited valid TCS of buyer to the INCOME TAX department....

My question is will I receive any notice from Income tax as I did not show that house while filing ITR in AS 2016-17
Thanks
Hari
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 May 2024 No notice will be issued in case of self occupied house and you have right sources of income to buy the house.
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Hari Bhatt

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Hari Bhatt (Querist)
17 May 2024 Thanks sir for the speedy response ... I have only one house in my name
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 May 2024 You are welcome
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