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Property transaction in itr

ITR 392 views 2 replies

Prateek

senior associate

24 Points Joined July 2014

Hi,

I bought a property (joint investment) last year, took loan for it and showed same in my company to get tax benefits. Do I need to explicitly show this property transaction (any form) while filing my ITR this year or normal form-16 issued by comapny will work fine?

Thanks,

Prateek

Replies (2)

Mihir

Wealth Manager

5293 Points Joined December 2008

Not the transaction but the interest / principal deduction claimed by you on loan will have to be disclosed in your ITR.

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

there is no requirement to show property purchased, unless it is purchased to claim exemption against capital gains.... you can proceed with filing of your return according to form 16 and also claim deduction of housing loan intt and principal repaid.