Tax declaration for immovable property

Are you purchasing or selling a property ?

If you are purchasing it, then you have to pay stamp duty and registration charges.

If you are selling it, then you have to do computation of capital gains, and accordingly pay tax. You can avail exemptions u/s 54, and not pay tax.  

Thanks for your reply.

Lets say I have purchased It and I paid the stamp duty and registration fee. Do I need to declare this in my IT returns.

Thanks.

Lets say I borrowed money from my relatives and friends and with my investment I purchased a house. Do I need to disclose this information while returning IT.

You do not need to pay tax while buying a property. But if the property value exceeds Rs. 50 lacs, then TDS has to be deducted and deposited in the bank.

Second point, if you have borrowed money from family, relatives and friends, you are required to have some documentary proof of the same. 

Even if you do not show it in the IT returns, which you do not have to, this transaction shall not be missed by the IT dept. It is better to have documentary proof of borrowings to be on a safe side. 

Thanks I am getting some clarity finally. Lets Say I am purchasing house worth 25lakhs, and I dont need to worry about IT Returns right?

For borrowed money I have proof of Promise Notes, Is that Fine or Do I need anything else.

Where did you get 25 lacs from? If you have a proper documents to prove that you have genuinely borrowed money from family and friends, then your case becomes clear. 

It is only when you sell the property, you have to show it in your IT returns, because you have gain from the sale.

I didn't borrowed 25lakhs, Lets say I borrowed 15laks and from my income I am purchasing. For borrowed money they are ready to write promise notes. Is that promise notes proof is enough?

Yes, promissory note will do.

Thank you very much.