Actual reporting of any property/asset is required after getting its possession. In transition /construction period, it is just current asset worth actual payment made (after deducting loans over it)
No need to worry for pre-interest paid over loan, as you will get interest certificate from your bank (at year end), which is sufficient proof for your future claims.
Keep records of 26QB payment receipts, for any query raised in future by ITD.
Actual reporting of any property/asset is required after getting its possession. In transition /construction period, it is just current asset worth actual payment made (after deducting loans over it)
No need to worry for pre-interest paid over loan, as you will get interest certificate from your bank (at year end), which is sufficient proof for your future claims.
Keep records of 26QB payment receipts, for any query raised in future by ITD.
Thanks You Dhiraj, for clarifying.
My Pleasure ....
One more query - TDS 1% which I have paid on property and is getting reflected in my 26 AS (PART F - Details of Tax Deducted at Source on Sale of Immovable Property u/s 194IA/ TDS ) . Do I need to mention this anywhere in ITR2 ?
Regards,
Hi Dheeraj ,
One more query - I have paid 1% TDS on UC propery purchase and same is getting reflected in my form 26 AS (PART F - Details of Tax Deducted at Source on Sale of Immovable Property u/s 194IA/ TDS). Do I need to put it in ITR 2?
Rergards
Hi Dheeraj ,
One more query - I have paid 1% TDS on UC propery purchase and same is getting reflected in my form 26 AS (PART F - Details of Tax Deducted at Source on Sale of Immovable Property u/s 194IA/ TDS). Do I need to put it in ITR 2?
Rergards
No. That is just for your records. Actually, the seller will enter the TDS amount in his ITR and claim it.
CAclubindia
