E-Campaign - High Value Transactions

Tax queries 982 views 3 replies

Ravi S

Software Engineer

4 Points Joined July 2023

Hi,

I got an email IT Department with title "e-Campaign - High Value Transactions for AY 2023-24" yesterday (Dec 25th). I am NRI with OCI card and purchased an apartment in August 2022 and made part of the payment in installments during AY 2023-24. I paid GST and TDS on the installment amount. Apartment is expected to be completed by the builder and registered to me in 2025.

Email says "the Income Tax Department has received certain information on high value transactions relating to XXXXXXXXXX for Financial Year 2022-23. The Income Tax Department has identified following high value information which does not appear to be in line with the Income Tax Return (ITR) filed by you for Assessment Year 2023-24 (relating to FY 2022-23). Purchase of immovable property - Rs .....". Amount mentioned exactly matches amount paid to the builder.

It asks me to Click on row with campaign type 'High Value Transactions' under e-Campaign list and click on "Provide Feedback in AIS" button on expanded view and select one of the following options.

Option A: Information is correct
Option B: Information is not fully correct
Option C: Information relates to other PAN/year
Option D: Information is duplicate/included in other information
Option E: Information is denied

As i am an NRI i filed ITR-2 for AY 2023-24 in early July 2023. My only income in India for AY 2023-24 is only few thousand in Bank account interest which i declared and got small amount refunded. Total amount paid to the builder is present in both TIS statement (TDS/TCS) and also AIS statement (TDS-194IA(P)).

I have following questions

1. Does purchase of immovable property need to be declared in ITR-2?

2. If no why was this notice generated? Can i select Option A in this case?

3. If yes do i need to file revised ITR? which form in ITR would i use to provide the apartment purchase details?

Replies (3)

Sharath chandra

Accountant

1227 Points Joined September 2015

Need to check full notice and itr filed to reply. please pm me .

ideally it's not needed to report just purchase of property. but if you your income shown is less and you have suddenly bought a property without respective income shown to the department, it might trigger a notice. this doesn't mean you are wrong. just that the system is keeping an eye on high value transactions and your case is flagged.

CA Raj Doshi

Practising CA

8944 Points Joined December 2013

If the details are correct, then dont respond. Nri's face this because they the funds brought from outside are not required to be incorporated while filing Indian ITR and hence this mismatch persists between income filed and property value purchased

double check if you missed on reporting any other income. coz you can revise by 31.12.2023

Rgds
CA. Raj Doshi
R C D & Co.
Chartered Accountants
Kandivali West,Mumbai

Venkat

Newbie

43 Points Joined January 2023

I have exactly the same situation and query (except that in my case construction was already completed and I have made the full payment).

1. When you say "If the details are correct, then dont respond. " - do you mean I don't need to do anything on this portal at all (basically ignore the email with this high value transaction flagged) or should I click on the Option A but I don't have to file a revised return?

2. Also, in my case (unlike Original Poster Ravi S above) I am not sure if the total amount paid to the builder is present in the TIS statement (TDS/TCS) and also AIS statement (TDS-194IA(P)).

How do I check this?

3. Lastly, I don't know exactly if GST and TDS has been paid.

3a. I have a Form 16B from an accountant I had hired for this purpose which indicates TDS payment at 1% on the amount paid to the builder. Is this sufficient?

3b. I can't find any detail of the GST payment. Is this something I should be doing or the builder will be paying?