The key information sources under this information category are as under:
S.No | Information Source | Information Description |
1 | Sale of immovable property (SFT-012) | Sales consideration of immovable property transferred is reported under Statement of Financial Transactions (SFT). The information will be shown in AIS of all sellers to enable submission of feedback. |
2 | Sale of immovable property (Form 60/61) | Sale of immovable property is also reported in Form 61 where PAN is not furnished by the transacting party.PAN is populated based on aadhaar and other attributes of the person. |
3 | Transfer of immovable property (Section 194IA) | Total Value of Consideration is reported by buyer of property in Form 26QB. This value will be derived from the deduplication of information reported in Form 26QB. Only transactions which do not match with information reported in SFT will be reflected here. This information is provided by the deductor to the deductee (taxpayer) in Form 16B. |
4 | Compensation received on acquisition of immovable property (Section 194LA) | Information related to compensation paid to seller on acquisition of any immovable property is reported by deductor in form 26Q. This information is provided by the deductor to the deductee (taxpayer) in Form 16A |
5 | Receipts under specified agreement (Section 194IC) | Information related to receipts under specified agreement is reported by person making payment for specified agreement entered into. This information is provided by the deductor to the deductee (taxpayer) in Form 16A. |
The approach for AIS processing and information handling is as under:
In case of SFT information reported in property based reporting format, the transaction amount will assigned to each seller as the sub-registrar are not able to determine the share of each seller from the agreement. The value of property for stamp duty purposes is also displayed as per processing rules. The taxpayer can update the transaction amount, value of property for stamp duty purposes and Transaction amount assigned to the taxpayer.
In case of information reported Transfer of immovable property (Section 194IA), value of consideration will be derived from the deduplication of information reported in Form 26QB. Only transactions which do not match with information reported in SFT will be reflected here.
Information reported from all sources will be summed up at buyer/deductor PAN and address level.
In case multiple values are found for a single property in SFT-012and from rest of the sources, records with higher value of consideration 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
Sale of rural agricultural land
Transfer not in the nature of sale
Receipt is not taxable
Information is not fully correct: This functionality can be used to modify address of property, value of consideration/transaction amount, value of property for stamp duty purposes and Transaction amount assigned to the taxpayer.
Information relates to other PAN/Year: Transaction pertaining to other financial years, other PAN
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).
The sum of value of consideration from all buyers will be reflected in Taxpayer Information Summary (TIS).
Deductions relating to cost of acquisition, improvement, expenditure in connection to sale/transfer and deduction u/s 54 needs to be claimed in the return.
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