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‘Annual Information Statement’ relies on the modern technology tools to collect PAN based financial data/ details from various sources. On the basis of the ‘Annual Information Statement’, the taxpayer can easily estimate their income and taxes thereon. It also supports the taxpayer in complying with their tax filing obligations.

The current article briefs one of the information categories covered under ‘Annual Information Statement’, namely, ‘Purchase of immovable property’.

Information source for the information category ‘Purchase of immovable property’ under ‘Annual Information Statement’-

The different sources of information for the information category ‘Purchase of immovable property’ under ‘Annual Information Statement’ is summarized hereunder-

Information Source Description
Statement of Financial Transaction (SFT-012) Information relating to immovable property is furnished by the property registrar via Statement of Financial Transaction (SFT). The same will be taken into consideration under ‘Annual Information Statement’. Notably, the information will be reflected in the AIS of all the buyers.
Tax Deduction at Source (TDS) return in Form 26QB As per TDS provisions covered under section 194-IA, the buyer of the specified immovable property is liable to deduct TDS and report the same via TDS return in Form 26QB. The details reported through Form 26QB will be taken into consideration under ‘Annual Information Statement’.
Schedule CG of Income Tax Return Seller of the immovable property is required to furnish the details of the buyer in ‘Schedule CG’ of the Income Tax Return. The details so furnished via the referred Schedule will be considered under ‘Annual Information Statement’.
Form 61 If the transacting party doesn’t report PAN, then the payment of the purchase of immovable property is reported in Form 61. The details reported through Form 61 will be taken into consideration under ‘Annual Information Statement’.

Annual Information Statement processing of the information category ‘Purchase of immovable property’-

Following two processing of the information under ‘Annual Information Statement’ is stated-

Annual Information Statement – Purchase of immovable property

1. Cases, wherein, ‘Statement of Financial Transaction’ information is reported in property-based reporting format-

  • If the total amount shown against all the buyers is equal to or more than the transaction value (i.e., sales consideration). Then, the amount relating to the person will be displayed;
  • If the total amount shown against all the buyers is less than the overall property value. Then, the entire property value will be assigned against all the buyers.

2. Cases, wherein, multiple values are found for single property-

  • Records reflecting higher value of the investment will be retained; and
  • Records reflecting the lower value of the investment will be marked as ‘Information is duplicate/ included in other information’.

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