How to declare property purchases in ITR?

Hi, 1 -  If the purchased Property's value is more than Rs 30 lakh, then the authority registering the transaction (Sub-Registrar office) will automatically has to report the details of the transactions in its Annual Information Return (AIR) which contains the name, PAN, address, and amount of transaction of the purchaser and seller of the property. Also, 2 -  In case of sale of property of more than Rs 50 lakh, the purchaser deducts TDS at the rate of 1 per cent from the payment made to the seller. After deducting the TDS, the purchaser files Form 26QB with Income Tax Department in which the purchaser informs the amount of sales considerations & TDS deducted along with the names & PAN of the parties involved in the transaction. As long as you report your Sources of Income honestly and accurately, no worries. One should declare all sources of various incomes properly otherwise, it may lead to adverse consequences. In case, if an individual is earning more than Rs 50 Lakh in a year, he/she has to declare/disclose all the Assets & liabilities in Income Tax Return.  Once you occupy property or give it on rent or claim tax deductions, the income from house (if any) then it gets reported to IT Dept. Excluding above scenarios, you are not required to disclose the purchase of property in ITR. Kindly read: http://www.relakhs.com/how-income-tax-department-tracks-the-high-value-financial-transactions/