Declaring purchase of house

Mr.Arun

As per the provisions of Rule 114E the registering authorities will report every purchase and sale of immovable property of the value of Rs.Thirty Lakhs or more to the Income-tax Department.  Hence the fact of purchase of the property will be in the records of the Income-tax Authorities if the value of the purchase is Rs.Thirty Laksh or more.  Hence you should also inform the authorities if the value of the purchase is Rs.Thirty Lakhs or more.  You should report the value as per the registered document including the expenses for stamp duty, regisgistration fees, commission if any paid for purchase, document drafting charges and other incidental charges incurred for the purchase of the property.  The total sum of the above will be the cost of the property. 

With Best wishes

Sathikonda

Thanks for a conclusive reply. Just to confirm  my understanding, so according to you, including the charges like maintenance charges and parking fees etc is ok?