The key information sources under this information category are as under:
S.No | Information Source | Information Description |
1 | Purchase of immovable property (SFT-012) | Information relating to immovable property is reported by the Property Registrar through SFT. The information will be shown in AIS of all buyers to enable submission of feedback. |
2 | Purchase of immovable property (Section 194IA) | Buyer at the time of making payment towards purchase of property is liable to deduct tax from the amount paid to the seller subject to the threshold applicable. This information is reported in form 26QB. |
3 | Property Purchaser as per Seller’s ITR (ITR-Schedule CG) | Seller of property reports the details of property buyer in schedule CG of ITR. |
4 | Purchase of immovable property (Form 60/61) | Payment for purchase of immovable property may be reported in Form 61 if the PAN is not furnished by the transacting party. PAN is populated based on aadhaar and other attributes of the person. |
The approach for AIS processing and information handling is as under:
In case of SFT information reported in property based reporting format, the information display will depend on the reported values. In case the total of amount shown against the buyers is equal or more than the transaction value (Sales Consideration), the amount relating to the person will be displayed. However, in cases where the total of amount shown against the buyers is less than the overall property value (e.g. in cases where the share of buyer is not determined correctly, the entire property value will be imputed against all buyers to enable submission of feedback.
In case multiple values are found for a single property in SFT-012 and from rest of the sources, records with higher value of investment will be retained and information source with lower value will be marked as “Information is duplicate / included in other information”.
The AIS information level feedback can be used for providing following inputs:
Information is correct
Information is not fully correct: This functionality can be used to modify address of property, value of investment, stamp value of property
Information relates to other PAN/Year: Transaction pertaining to other financial years,PAN (jointly owned property)
Information is duplicate / included in other information
Information is denied
The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).
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