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Schedule AL Immovable Assets and Liabilities

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Vikrant

95 Points Posted on 20 July 2023

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.

Replies (3)

Quick Summary

This discussion clarifies how to report an under-construction property in Schedule AL. The consensus is to declare the amount paid so far (Rs. 45 lakhs) as an advance, not the total purchase price, and to show no corresponding liability if no loan has been taken. It also confirms that your current home should be declared at its cost.