While Filing ITR, You Will Not Have To Give Information About The Recently Purchased Property, Know The Rules Related To It

Pune, December 21, 2020: Now only a few days remain for the date of filing Income Tax Return (ITR). In such a situation, many people have various questions in mind. One of these questions is that if a person has recently purchased a property, will they have to disclose the details about it while filing an income tax return. These questions will be answered.

Tax is not payable on buying property

You do not need to pay any income tax while buying a property, provided such investors are able to tell the source and explain it. Tax is only paid when you make a profit by selling a property or properties. As far as declaring it in the income tax return is concerned, there is no need to disclose the information about the property purchase.

If your annual income is more than 50 lakhs, then you have to give information about such properties while filing the ITR. When the taxpayer’s annual income is more than Rs 50 lakh after taking out all the exemptions, then the details of all assets that you have had till 31 March 2020 will have to be disclosed.

Tax is to be paid on the gifted property

According to the current rules, if you get a gift worth more than Rs 50,000 in a year, then you have to pay tax on it. Many times in the year, you get a gift on many occasions and it may cost more than 50 thousand rupees. In such a situation, the tax has to be paid and you should keep this in mind while filing your income tax return. The gift can also be a land or a house. If you hide this information from the Income Tax Department you may face difficulties later.