The ‘Annual Information Statement’ covers comprehensive details of the taxpayer’s financial transactions like details of property; shares; mutual funds etc. Once the Annual Information Statement is fully operational and validated, the same will replace Form 26AS, by that time, the taxpayers will be provided with both ‘Form 26AS’ and ‘Annual Information Statement’.
The present article briefly explains the information category ‘Sale of land or building’ covered under ‘Annual Information Statement’.
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Various information sources under AIS for information category ‘Sale of land or building’-
Let us look at the different sources of information from which data will be grabbed under ‘Annual Information Statement’-
| Particulars | Relevant section/ form | Source of information under AIS |
| Information fetched from Statement of Financial Transactions (SFT) | SFT-012 | This will be the first source from which information will be captured by AIS. Accordingly, sale consideration of the immovable property will be shown under the information category ‘Sale of land or building’ in AIS. |
| Form 61 in case of absence of PAN | Form 61 | Cases, wherein, PAN is not furnished/ available of the transacting party. Such sale of immovable property will be reported in Form 61. Details of such sale consideration will be grabbed by AIS. |
| Information fetched from TDS returns | Section 194IA- Transfer of immovable property other than agricultural land | Any asset sold and TDS deducted under section 194IA thereon will be reflected by the deductor in Form 26QB. Transactions that didn’t match with information reported in the Statement of Financial Transaction will only be reflected in AIS. |
| Section 194LA- Compensation received on the acquisition of immovable property | In case any compensation is paid to the seller for the acquisition of immovable property, TDS will be deductible as per section 194LA. The deductor will reflect the said transaction in Form 26Q. | |
| Section 194IC- Receipts under specified agreement (i.e., joint development agreement) | The deductor of TDS will provide the details of TDS deducted via Form 26QC. The details so provided will be taken up and covered under AIS. |
Processing of information received under AIS for information category ‘Sale of land or building’-
Various information received under the Annual Information Statement, as explained above, will be processed in the following manner-
| Particulars | Corresponding processing under AIS |
| Statement of Financial Transaction (SFT) information reported in property-based reporting format | Transaction amount will be assigned to each seller and reflected under AIS.
The property value for stamp duty purposes will also be displayed. |
| Value of transfer of immovable property reported by the tax deductor in Form 26QB | The transactions which don’t match with the information reported in the Statement of Financial Transaction will be reflected under AIS. |
| Different sources reflecting different values for a single property | In such case, a higher value of consideration will be retained under AIS.
Whereas, information sources with a lower value of consideration will be marked as ‘Information is duplicate/ included in other information’. |
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