Property in ITR?
Declaring property details in your ITR is crucial. This includes any buying or selling activities during the financial year. Failing to do so can lead
to complications. This section will guide you through where to mention these details in your ITR form for the assessment year 2025-26.
Sale of Property
When you sell property, report the sale under Schedule CG (Capital Gains). Calculate your capital gains or losses and include details like the sale price, cost of acquisition, and any expenses incurred. Make sure to provide all details to avoid any discrepancies during tax filing.
Purchased Property Details
If you've bought a property, you generally don't report it directly in your ITR, unless you're claiming a deduction related to a home loan, like under section 80C. For loans, you'll need to fill the relevant sections, providing details of the loan and interest paid.
Key Documents Needed
Keep essential documents handy. These include the sale deed, purchase agreement, and any documentation related to home loans or other expenses. Gathering these documents beforehand will simplify the tax filing process. Also, keep your PAN and Aadhaar ready.
Seek Professional Advice
Tax laws can be complex, like a complicated raga! Consider consulting a tax professional if you're unsure. They can help you accurately declare property transactions and optimize your tax situation. Getting expert guidance is always a wise move.
