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Amit Gupta | Answer |Ask -Follow

Answered on Apr 18, 2022

Question by Pinky on Apr 18, 2022Hindi

Money

I bought a house in the financial year 2020-21 for Rs 65 lakh. While making the payment I had deducted TDS and deposited it in the government account my CA asked me to. Could you let me know if I should declare this purchase transaction while filing my return and the TDS payment I made to the income tax department? I earn from my salary and interest out of FDs.

Ans: No there is no need to declare the purchase in the Income Tax Return.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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My query is I had bought a house in the financial year 2019-20 for Rs 71 lacs and while making the payment I had deducted the relevant TDS and deposited it to the Govt Account. Wanted to know if I need to declare the purchase of property in my ITR and the TDS deducted on it. My source of Income is Salary and Interest.

Ans: There is no specific requirement to file ITR returns when you purchase a property. This would however be available with the IT Department based on the TDS that was deposited and the information shared based on registrations of properties.

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I have sold my house for which the buyer has deducted TDS of Rs.80000/- in March 2023.However I will also deduct TDS OF Rs.125000/- in April 2023 on my purchase of property.Please let me know whether I can claim TDS of refund TDS of Rs 80000/- in my income tax return for the financial year 1922-23 since I have purchased the house but TDS will be recovered in April end.

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