in itr2 , for income above 50 lakhs is filling schedule AL mandatory? plus for movable asset e.g house if loan is taken then the cost will be including that loan amount or the amount just paid to seller + tds?
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Schedule AL - movable asset cost query
Replies (5)
Quick Summary
Yes, if total income is above Rs. 50 lakhs
Declare house property under Assets while loan liability under Liabilities.
sir does it have to be the amount in sale deed or the amount after loan interest ?
As per Sale Deed...
Schedule AL threshold and valuation:
• From AY 2025-26, Schedule AL is mandatory only if total income exceeds Rs 1 crore (earlier Rs 50 lakh). For AY 2024-25 and earlier, Rs 50 lakh applied.
• Movable assets are reported at cost (jewellery, bullion, vehicles, artwork, cash in hand, bank balances, shares). For gifted or inherited assets, use the previous owner's cost if known, or the FMV at receipt (best estimate).
• Household items like furniture or electronics (other than vehicles and valuables) aren't required.
Schedule AL threshold and valuation:
• From AY 2025-26, Schedule AL is mandatory only if total income exceeds Rs 1 crore (earlier Rs 50 lakh). For AY 2024-25 and earlier, Rs 50 lakh applied.
• Movable assets are reported at cost (jewellery, bullion, vehicles, artwork, cash in hand, bank balances, shares). For gifted or inherited assets, use the previous owner's cost if known, or the FMV at receipt (best estimate).
• Household items like furniture or electronics (other than vehicles and valuables) aren't required.
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