AIS Record for Purchase of Immovable Property

[Shrey Shah]

Hi, I purchased a flat for example for an amount of Rs. 1 cr. The flat is jointly owned by me and my father. My father has no income and I am funding for the flat completely.

Now, as for TDS, I've paid 50% TDS from my Income Tax Portal and 50% TDS from my father's Income Tax Portal (each one's share is 50%).

Under SFT Information in both our AIS, it shows the record of 'Purchase of Immovable Property'.

Now, under the SFT Information, for Purchase of Immovable Property record, there are 3 columns 'Transaction Amount, No. of Parties, Transaction Amount Assigned'. Now, in both our AIS, the entries for those columns are:

- Transaction Amount: 1 cr

- No. of Parties: 2

- Transaction Amount Assigned: 1 cr

==> Questions:

1) For the Transaction Amount Assigned, shouldn't it be 50 lakhs in each of our AIS instead of the complete amount of 1 cr?

2) My father received an email asking for AIS Feedback on that High Value transaction. Should I simply select 'Information is correct' from the dropdown? Now that it is reported by the government as 1 cr for both, should I leave it as is and not take any action?

Please help out here.

[CA.Mohammed Lakkadsha]

The Transcation expressed as documneted and explained clearly shows that 50% property has been acquired by your Father . The funds are sourced from you which can be shown as Loan or Gift . As regards the reporting in AIS , the SFT reporting entity (SRO)has wrongly assigned the amount , hence it is recommended that you should report the same at Insight portal which will be confirmed from the reporting entity and ask to rectify there SFT Statement.

AI Summary

Co-owners' property sale TDS split 50-50, but AIS shows full SFT transaction amount for each; rectify via portal feedback Joint purchasers report having filed tax deduction at source on sale of immovable property separately in proportion to their 50% ownership, but both AIS statements reflect a single SFT entry showing the full transaction amount as the 'Transaction Amount Assigned' to each party. The response states that, given the documented 50% acquisition by each co-owner, the assigned amount should correspond to each person's share, and the SFT reporting entity has erroneously attributed the entire consideration to both parties. The prescribed action is to submit feedback/raise the mismatch on the Income-tax Insight portal to seek confirmation from the reporting entity and rectification of the SFT statement, rather than accepting the entry as correct.