You will need to report the purchase of your flat on your income tax return. In most cases, the cost of acquisition (purchase cost) of the property becomes your cost basis for calculating any potential capital gains tax if you sell the property in the future. The TDS (Tax Deducted at Source) amount of Rs. 89,000 that you paid should reflect in your Form 26AS. You should also receive a TDS certificate from the seller (Form 16B) that certifies the amount of TDS deducted from the property transaction.
In your income tax return, you should also report the income or loss from the property. If you are not receiving any rent or income from the property and it's used for your own residence, you might need to report it as "Self-Occupied Property" with a nominal notional income.
If you want to sell your property in the future, the purchase price (Rs. 89,00,000) will be relevant for calculating capital gains. If you sell your property for a higher amount, you might have capital gains tax implications.
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Authors Of The Question
I purchased a flat on 21 Oct 2021 at Rs.89,00,000/- out of the Retirement amount of my husband Shri Vishwanath B Devadiga who is regularly filing regular Income Tax returns. How do I have to show my income during FY 2021 in my income Tax Return? Further, I had paid the TDS amount of Rs.89,000.00 in the Joint Name of Seller which is reflected in IT TDS. Please let me know how I have to show my Income and file an Income Tax return.
Sujaya V Devadiga
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1 Year
2023-07-27T21:35:27+00:00 2023-07-27T21:50:03+00:00Comment
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