Not Required to Declare the Property Purchase Details in ITR

The last date of income tax filing is coming closer to an end, several questions are in the mind of the assessee. One of them is to mention the earlier purchase of property in the income tax return (ITR).

December 31, 2020, is the date where the taxpayer is required to file their ITR for FY 2020-21 Easy guide to file income tax return for the FY (financial year) 2019-20. Also, we added the document checklist related to Personal, Income, tax, bank, real estate, investment, this is for those who are still not furnishing their ITR for the financial year 2019-20 (the assessment year 2020-21).

The financial year is the duration between 1 April and 31 March it is the year where one makes an income while the assessment year is subjected to come after the fiscal year. In the AY the income earned amid the fiscal year is assessed and had taxed. Thus FY- 2019-20 and AY 2020-21 are similar.

IT council had before prolonged the last date for furnishing the ITR Get all due dates of income tax return and payment of advance taxes for FY 2018-19 (AY 2019-20). We update the last date as per the IT department notifications to provide comfort to the assessee in context to the covid-19. Instead of Nov 30, the assessee has an intention to furnish the income tax return earned amid April 1, 2019, and March 31, 2020. July 31 is the last date to furnish the ITR for all the taxpayers for which the accounts are not needed to get audited.

It is done to provide relief for the covid-19 for the taxpayers along with the assessee to make the compliance for furnishing the taxes with the act and regulatory needs for all the sectors. For being an advantage for the assessee that filing is not due to the left for the last date of the prolonged period as seeking till the last min to furnish the tax return will cause mistakes.

Talking about if one must declare the property bought in the year, the purchaser is not needed to furnish the tax for the purchased property. But the referenced money of the taxpayer must be elaborated by him. It is on the condition of selling out the property and the income earned is entitled to be taxed and is to be paid by the assessee. Thus he is then not required to declare the purchase of the property in the ITR.

The taxpayers who have an income of Rs 50 lakh per annum should mention certain assets. Said tax and investment expert Balwant Jain.