What will be the financial year of the Property purchased ?

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This discussion clarifies the financial year for a jointly purchased flat. Despite an initial advance payment on March 31, 2024, the property's purchase is considered to be in the new financial year (FY 24-25). This is based on the booking date of April 8, 2024, and the BBA agreement date of April 9, 2024, which are used for Income Tax purposes.

Praveen Kumar

Praveen Kumar (Querist)
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24 May 2024 Dear Sir/Madam,
I and my wife in joint ownership have purchased a flat . I paid an advance of 5% consideration on March 31, 2024. The rest of 5% advance was paid by me on Apr 04, 2024 . After ensuring that 10% is received, the builder then made the documents with booking date of flat as April 08 , 2024 and BBA agreement date is April 09, 2024.
Could you pls answer following query.

Q(1) In which financial year, this property will be considered as bought by us, old financial year or new financial year. I hope it should be new ( FY 24-25 ) based on the agreement date but still want to confirm . Asking because I got to know that now in return, the Income Tax department would ask this information of any property purchased .