How to report high value transaction in income tax return

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Sriram

29 Points Joined September 2016

Some 18 months back I purchased a flat for 1Cr. I had deducted TDS and filed the 26QB for the same as well (meaning it should be linked to my PAN I assume). A few days back I received a notice from the IT department based on the AIR they received from the Sub-Registrar, saying the property purchase is a non-linked transaction and asking me to link it online.

My questions are:

As a salaried employee using ITR-2 to file my return where should I have declared this purchase transaction in my return to have avoided this notice. This will be usetul to keep in mind for future transactions
While doing the online linkage as the notice suggests, should I keep anything else in mind regarding disclosure?

Regards.

Replies (5)

CA Raj Doshi

Practising CA

8954 Points Joined December 2013

Upload the copy of notice so will be able to advise you the suitable course of action.

Sriram

29 Points Joined September 2016

Please find the letter attached. There was a second page that had a tablel which was referring to the property purchase transaction.

CA Raj Doshi

Practising CA

8954 Points Joined December 2013

Follow the steps given in the notice. and if the details pertain to you , link it to your PAN. It seems that the purchase of property by you was done without quoting your PAN.

1. These details of Purchase do not get reflected in ITR, so you cannot disclose in the return.

2. Read the details carefully before linking with PAN. See the steps as given in the pdf " Non pan transactions compliance manual " by searching the same on Google.

Sriram

29 Points Joined September 2016

Thanks; I have linked to the PAN by following instructions in the Notice. This is just the result of poor quality reporting by the sub-registrar. My PAN number is very much a part of the sale deed text along with my postal address. Just noting this here in case it is useful for someone else finding this thread at a later time.