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Purchase of Immovable property Schedule AL

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Vikrant

75 Points Posted on 03 July 2024

I have question on filling up details in schedule AL of ITR2. I have purchased a property which is under construction and had paid 'x' amount to builder in last financial year22-23 which was seen in my TIS report, similarly 'y' amount is been seen in my this year 23-24 TIS report, so when I fill up the details should I sum the value of 'x+y' or just enter the amount 'x' that I paid this financial year as "Advance Payment for house" in section schedule AL Immovable property, could you please clarify on the same?

Replies (3)

Quick Summary

This discussion clarifies how to correctly fill out Schedule AL in ITR2 for an under-construction immovable property. It explains that the total amount paid across financial years (last year's 'x' plus this year's 'y') should be declared as an advance payment. The thread also addresses how to declare home loan liabilities, bank balances, FDs, PPF, shares, mutual funds, and insurance policies, specifying whether to use cost value or market value for different asset types.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

121534 Points Posted on 03 July 2024

X+Y

Vikrant

75 Points Posted on 03 July 2024

Thanks for the response. So I should be showing X+Y in the "Details of Immovable Assets" entry as "Advanced payment for House", it is already auto populated from last year's entry.

Also should we specify Home loan availed amount till 31Mar24 under Liabilities in relation to Assets at (A + B)?

Also under the Financial Assets:

a) should we declare the Bank account balance till 31Mar24, FD if any, etc. ? I guess this does not include the PPF amount, correct me.

b) Shares and Securities: Should we fill up the cost value of Shares and Mutual Funds in this section or the actual value on 31Mar24?

c) Same for Insurane policies, is it the policy amount that we need to declare or the premium paid for these policies?