InvestorQ : Is there any rule to file IT return if I purchase a property?
Shreya Mashelkar made post

Is there any rule to file IT return if I purchase a property?

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Moii Chavate answered.
1 year ago
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Most of the home sellers are with a similar query that if they sell a property without any capital gain will they be held to file an Income Tax return (ITR)?

Well, the fact is if you purchase a property for above Rs 30 lakh, you don't have to file your return. It is not mandatory to file ITR due to purchase of property, assuming that property has been purchased in India.
Thus, Income Tax policy says, if the individual does not have any capital gain due to the sale of property there is no need to file ITR.

Apart from that, if you have incurred a loss on sale by the sale of such property then you can avail the benefit through carrying forward to next financial year for set-off against any capital gains by filing an ITR.
Also, if an individual receives a gift from a relative, there is no requirement to file ITR.


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