I am an individual tax payer. I work as a freelancer and work completely online so I show my income under online business category and maintain account books but I don’t have any actual firm / company registered. I am paying income tax on my name. I pay less than 50 lakh income tax per year. Now I want to buy a property on my own without bank loan. If I purchase a property and make direct online payment from my bank account for property purchase, will I have to declare property purchase details [like property address, cost ,seller name etc.] in my income tax return / account books as purchase transaction will appear online in my bank account transactions.
I don’t want to add property address etc. in my ITR and account books due to some personal reasons.
Can I just declare in my ITR and account books that this transaction is for property purchase without actually showing original property purchase papers and providing any property address, cost, seller name etc. ? is it necessary to add property details for showing purchase transaction while I didn’t sell property and made any capital gain. Can’t I just declare it just as "some property purchase transaction".
Please reply.
Serious Reply Only. No jokes please
Thanks.
