How to report purchase of property in Income Tax Return?

Buying or selling properties involve a lot of nitty-gritties on the legal front. A lot of questions come around as to, is it necessary to declare the purchase of property in the ITR? How does the taxation be around this transaction and a bunch of other questions as well. Here is a brief on how to report sale and purchase of property in Income Tax Return.

How do I declare property purchases in ITR?

If you have purchased a property then it is not required for you to declare it in the ITR. If your annual income crosses Rs. 50 lakhs after tax deduction then you will have to declare your assets and liabilities in the ITR which must be including the property you purchased.

If you have purchased a property worth more than Rs. 50 lakhs then you will have to deduct TDS at 1% from the payment made. The TDS is submitted to the government using Form 26QB and file for TDS return.

This is all you need to know about how to report purchase of property in income tax return.