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Land sold to 3 different buyers

CA Aspirant (CA) (156 Points)

24 July 2023

If a land is sold to 3 different buyers then reporting of "all" 3 along with pan and details is necessary for the return??

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13 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160998 Points)
Replied 24 July 2023

Yes. with their percentage of share in the property.

1 Like

CA Aspirant (CA) (156 Points)
Replied 24 July 2023

If assessee has lost both sale and purchase deed copy is there any solution

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160998 Points)
Replied 24 July 2023

If assessee can get a copy from purchaser it would be better, otherwise file return with first name.

Check if TDS was deducted by the purchasers?

CA Aspirant (CA) (156 Points)
Replied 24 July 2023

Not crossing the TDS limit sale value 43 lakhs

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160998 Points)
Replied 24 July 2023

As the value is more than 30 lakhs, Sub registrar would have sent the details of the transaction to ITD. So, check the AIS & TIS report for purchasers' details.

CA Aspirant (CA) (156 Points)
Replied 24 July 2023

There's no information regarding this in AIS TIS except the 54ec capital gains bond which assessee purchased regarding capital gain.

I believe it is because it is sold to 3 buyers which results in amount less than 30lakhs per buyer.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160998 Points)
Replied 25 July 2023

No that is not correct. The value is reported based on registered deal not over purchasers' shares.

1 Like

CA Aspirant (CA) (156 Points)
Replied 25 July 2023

Separate Registry is done here i.e 3 different and no such information is there in AIS except purchase of 54EC bonds

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160998 Points)
Replied 25 July 2023

In that case you must fill the data for all three registries.

How can you fill single entry when there are three different transfer cases?

You must get the names of all three purchasers with their PANs to report it in Schedule CG.

CA Aspirant (CA) (156 Points)
Replied 25 July 2023

That's the point I understand this is the only way and if assessee is unable to arrange the copy of sale documents then I have no way to file return.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160998 Points)
Replied 25 July 2023

Well, that is the real story, but based on whatever information you have; file return before 31st. As and when the detailed information is available, you can revise it (till Dec. 2023 without any fine)...

Ask your client to get copies of the sale registries from Sub-registrar office. Being party to the documents he is authorized to get its copies.