In F.Y. 2017-2018, I wished to purchase house cost approx 65 lakh. On the same TDS was deposited @ 1% in my name payment was also done from my saving account. But At last the property was purchased in my wife’s name. How should I show it in my Income tax return , my income is from trading business. Pls advice
TDS paid on property purchased is not to be shown anywhere its entry is just done in balance sheet so if you want you can show such amount as loan given to your wife and then recover it from your wife. This TDS deducted by you won't affect your income.
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Thank you
Hi,
As far as income tax is concerned, this will be considered as your property and not your wife's.
You will have to show this property in your return of income underbhouse property head if there is any income (such as rent) or deemed income (deemed rent) from this property.
In F.Y. 2017-2018, I wished to purchase house cost approx 65 lakh. On the same TDS was deposited @ 1% in my name payment was also done from my saving account. But At last the property was purchased in my wife’s name. How should I show it in my Income tax return , my income is from trading business. Pls advice
TDS paid on property purchased is not to be shown anywhere, its entry is just done in balance sheet by adding it to cost of property, if you want you can show such amount as loan given to your wife and then recover it from your wife. This TDS deducted by you won't affect your income.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
Ok. Let me cut it short.
Since you have paid the purchase price, from income tax perspective its your house only.
You will have to show it in your return in following cases:
1. If the house is on rent or
2. If you own any other house, then one of the house will be considered as deemed let out and needs to be shown in return.
Please feel free to take a phone consultation for more clear understanding.
Hi,
Hope you are doing well !
If you are earning any income from above property then you will have to show the same in income from house property head. Otherwise, you will not required to show anything in ITR.
Hi,
- You will be treated as deemed owner and show the entire cost of the property in the Asset and Liabilities statement in your ITR.
- In future all the benefits from the property will be taxable in your hands.
Thanks
Hi,
You need to show the cost of the property in your ITR (Assets & Liabilities column).
Further, all the future benefits from the property will be taxable in your hands.
Hi,
You just need to show cost of property in your income tax return as a part of assets.
Hi,
As far as income tax is concerned, you will be treated as deemed owner of the property and if the property is let out or deemed let out, then you need to show the rent/ deemed rent from the property in your return of income.
Hi,
Per the income tax, you are the deemed owner of the property since you have paid for the same. Any benefit that may arise from the said property like rent etc will be treated as income in your hands. Hope that clarifies.
Regards,
Nikhil.
