This query is for my father. He received SMS from IT Dept which said “Based on available information with IT Dept. It appears that you were required to file ITR for AY 2022-23 (FY 2021-22)… Please file your ITR or submit online response under e-Campaign tab on Compliance portal”.
On logging in to Compliance portal, I see option to provide feedback in AIS (Annual Information Statement). On the “Annual Information Statement” page, under SFT information tab, there is one item for “Purchase of immovable property”, which requires a feedback.
This property was jointly purchased by my father and me in Jan 2022 (FY2021-22). I am confused as to what feedback to provide for this (please see screenshot).
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This item shows correct transaction date which is registration date of the property. It also lists “Transaction amount” which is the correct full value of the property. It also has “Transaction amount assigned” which has same value as “Transaction amount”. But, my father paid some partial amount (less than total value) as downpayment and rest was Home loan by myself. Do I need to edit this?
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Transaction Type shows is Sell, but the property was purchased by us. Is the value correct or I need to correct it?
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Property type is “Non agricultural land” which also seems incorrect as the purchased property is not land, it was apartment.
Should I select “Information is not fully correct” option by changing transaction amount or leave it as it is by marking “Information is correct”?
- Also, my father did initial down-payment of this property using money obtained by selling his share of ancestral property last year FY 2020-21. No ITR was filed that year or any year before by my father as his income has always been below taxable limit. So, should I select “Information relates to other PAN/year” option?
This is confusing. Please assist.