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AIS STATEMENT SHOWING WRONG HOUSE PROERTY VALUE

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mayuri

Tax Consultant

192 Points Posted on 10 July 2022

The person has sold the property for 49,75,000 in Jan 2022 and immediately in Feb 2022 invested for purchasing the construction property value 1,29,86,800 (which he will reason possession in 2025 ). In AIS Statement the amount 38,00,000 is reelecting as he has purchased the property, but in real sense he gave that amount as down payment as the builder as raised the pillar.

How to treat this scenario as AIS statement is showing purchase value as 38 lakhs and sale value as 4975000 .

He did not opened Capital Gains account , the sale value amount transferred to his savings account?

Replies (4)

Quick Summary

This discussion addresses an incorrect property value shown on an AIS statement. The user sold a property for £49,75,000 and immediately invested £1,29,86,800 in a new construction. However, the AIS statement incorrectly reflects a purchase value of £38,00,000, which was actually a down payment. The advice given is that the user can report the actual purchase value in their ITR, as the AIS statement may only show advance booking if the agreement isn't registered. It's recommended to park excess amounts in a Capital Gains Account Scheme (CGAS) or get a receipt from the builder.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

121506 Points Posted on 10 July 2022

Builder has reported it as advance, may be because of agreement not registered. So, no need to worry, you can report purchase value as actual in ITR. Before filing return park the excess amount in CGAS, 1988 account, or pay it to builder and take receipt.