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Vinod (executive)     01 September 2010

PAN for purchasing property

Dear All,

Is it compulsion to provide PAN while purchasing the property and getting it registered in sub-registrar office?

Most of the deals are done in black money/cash and very low amount is transacted thru bank to save on Stamp Duty etc.

Now what is the remedy if doesn't have the PAN or don't want to disclose it.



Learning

 5 Replies

P.K.Haridasan (Advocate)     01 September 2010

It is nowadays compulsory to show the Pan number in transfer deed executed. A citizen is bound to obey the law of the land. Governments cannot encourage making money illegally and accumulating black money. This is the money laundered behind the back  amounting to malpractice. Apply for a Permanent Account Number and use it. In order to transfer  cash more than Rs.40,000/-  through bank requires pan account number. 

Elamaran Perumal (Law Officer)     01 September 2010

 

Hi Mr Vinod,

As per the provosions of the I.T.Act-1961, any immovable property transaction exceeding a value of Rs.5 lakhs can be completed  by quoting one's PAN only.

With Regards

P.Elamaran

M.G.RAJESWRI (LAWYER)     01 September 2010

S Mr. Vinod its now become compulsory to provide PAN number in transfer deeds executed. 

Mugundhan (Lawyer)     01 September 2010

if thesale transaction is more than 5 lakhs PAN is compulsory. If u have PAN Card u should definitely quote the PAN Number. Suppressing it woluld lead you to trouble. But it u dont have a PAN Card, u have to file Form 60 along with address proof.

Bharatkumar (ADVOCATE )     03 September 2010

I m agree with Mugundhan.


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