Tax implication while buying a new flat

No sir buying a flat is never treated as income. It is always a Asset.

Thanks for your reply. Is there any place where I can declare while ince tax filing? Even if there is no tax liability on purchase of new flat, will NOT be a fixed asset?

Please reply.

Dibyendu,

Kolkata.

If you are filing the ITR -4 (Income from bussiness or profession income) and you are liable to maintain accounts as per section 44AA, then Fixed Asset amount sholud be declare, Otherwise not. 

If such property(flat) is let out during the year. than under house property head,detail of such property is required to filled. 

Regards

Thnaks once again.

I am NOT filing ITR4. I will be filing ITR2. What should the scenario here?

Thanks,

Dibyendu

Kolkata

Is it self occupied property? then show the detail of property under the "head income from House Property" normally detail is Address of such property(flat). and claim the exemption of Interest on Housing loan.

or if it is let out then still you need to provide the same detail as expalin above i.e address.

I want to maintain my IT file with proper account.

May I know how to account Income, Asset, Liabilities in this case(including purchase of flat as asset loan as liability etc.).

Please uplaod an ideal format of account so that I can prepare IT file in proper basis.

Please note that I am salaried.

Thanks and regards,

Dibyendu