Annual Information Statement - Sale of Vehicle.[AIS Update - 29]

The key information sources under this information category are as under:

S.No	Information	Information Description
1	Sale of a motor vehicle (Form 60/61)	Sale of motor vehicle is 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.

The approach for AIS processing and information handling is as under:

1. Reporting entity reports transactions relating to sale of motor vehicle through form 61. RE reports non-PAN transactions through form 61.

2. The AIS information level feedback can be used for providing following inputs:

• Information is correct

• Transfer not in the nature of sale

• Receipt is not taxable

• Information is not fully correct: This functionality can be used to modify value of consideration/transaction amount.

• Information relates to other PAN/Year: Transaction pertaining to other financial years, other PAN

• Information is duplicate / included in other information

• Information is denied

1. The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).

2. The sum of value of consideration from all buyers will be reflected in Taxpayer Information Summary (TIS).

3. 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.