Hi,
I have purchased a new property which is still under construction and possession is in 2025 for Rs. 1.45Cr . I have not taken any loan against it and paying the installments directly from my side, till now I have paid Rs. 45 lakhs. Since I am paying the TDS to the Govt directly I can see the entries in my AIS and TIS.
My question is:
- Should I show this immovable property in Schedule AL
- If yes then what amount should I show against this property (is it 1.45Cr or 45 lakhs)
- If I show Rs. 45 lakhs as cost then should I show rest amount Rs 1Cr (1.45Cr - 45lakh) as liability? I have not taken any loan as of now since builder has not yet demanded entire amount. I will eventually take a loan for future demands/installments by builder.
- Also should I mention my current home in the Schedule AL in which I am staying.
CAclubindia
