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.
However, there is a reporting of assets and liabilities required if your taxable income is over Rs 50 lakh. In such cases, you would need to do so.