Hi,
In March 2011, I made a down payment of 5 lakhs to purchase an underconstruction flat of Rs 50 lakhs and the purchase was completed in May 2011 when bank disbursed the remaining amount as loan. Me and wife jointly own the house and both are repaying the home loan.
Do I need to file an AIR for the property purchase transaction alongwith ITR this july ? Or I need to file AIR alongwith the ITR in 2012.If yes, please provide me a link to understand the filing of AIR.
I am a salaried employee with gross income (without VI A deductions) as 9 lakhs and my wife also has similiar level of income.
Thanks,
Gaurav
CAclubindia
