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Sub-registrars report property deals above the threshold, so the officer can see your purchase. The question is the source of the money: savings, loan, sale of another asset or gifts. Your reply should trace every rupee paid.
ITR
133(6) notice about a property purchase
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Provisions
Sec 133(6) (now Sec 252(1)(a)); Sec 69 (now Sec 103); Sec 194IA (now Sec 393(1) Table Sl. No. 3(i))
Analysis
A typical reply shows: home loan ₹60 lakh disbursed directly to the builder, ₹20 lakh from savings with bank statements, and ₹5 lakh as a gift from a parent with a gift deed and the parent's bank statement. The officer will also check that you deducted 1% TDS under Sec 194IA and filed Form 26QB, since the deal crosses ₹50 lakh. If the stamp duty value is higher than the price, the seller's tax is affected and you may face questions too. Unexplained payments can be taxed as unexplained investment.
Close
- Collect the sale deed, payment receipts and loan papers.
- Prepare a source of funds table with dates and bank references.
- Attach Form 26QB and Form 16B proof for TDS paid.
- Submit the reply and keep copies.
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