Purchase of Immovable property Compliance

Allotment letter for a flat was issued by State Housing Board in favour of Wife & Husband as joint owners. Entire payment due for the flat was made by Husband out of his retirement benefits & salary savings.
1% TDS u/s 194IA was deducted by both husband for 50% & wife for 50% of flat price which are appearing in respective AIS/TDS/26AS.
Applicable Rental income for the flat for FY 2023-24 was declared in ITR-2 by Husband & wife each 50% as Co-owners.
Any other compliance reg. Flat purchase is to be done in Compliance Portal reg. Purchase of Immovable property by Husband & wife?
Santhanakrishnan
Replies (5)
Quick Summary
This discussion clarifies compliance requirements for purchasing immovable property, specifically a jointly owned flat. It confirms that with the allotment letter issued, full payment made by one owner, TDS deducted by both, and rental income declared in individual tax returns, the primary compliance steps are met. The remaining actions involve filing the property registration and ensuring all necessary documentation is submitted to the Compliance Portal.

File returns and registration of property

No more formalities to be completed. Fully complied.

Return filed & Registration is pending.
Complete registration
Thank you very much Sabyasachi Mukherjee ji & Dhirajlal Rambhia ji.

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