Hi
I am working in a private limited company and submitted my ITR based on Form-16 I recieved from my employer for FY 2011-12.
I have purchased a property in Feb 2011 and I don't think I have declared it to Income Tax of India, though the property is registered and all paper work has been done already.
Please suggest what I should do?
Regards,
Nitin
I presume, you have filed ITR-1 or ITR - 2. In that case, there is no such provision to show assets and liabilities in the return and also there is no requirement to furnish the information regarding purchase of propery.
Just ensure, wealth tax provision will be applicable to you or not.
If you have purchased this property to earn rental income, that rental income will have to be disclosed in your next IT returns.
Yes. I filed ITR-1. How to figure out if I am coming under wealth tax provision or not? I am using this property for my own use.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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