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To clarify your doubt, is PAN card mandatory for land registration, I’d highlight that Mr. Anurag Thakur, who was the minister of State for Finance, responded in writing to a question in the Lok Sabha, stating that under section 139A's subsection (5) and Rule 114B of the Income Tax Rules, 1962, a person is required to provide their PAN in connection with any sale or purchase of a real estate for more than ten lakh rupees or for an amount determined by a stamp valuation authority as described in section 50C of the Act. Furthermore, according to Thakur, this action will promote transparency and assist reduce Benami property.
Check Property Title or Sale Deed Registration, via the NoBroker’s Legal Experts! Is PAN card mandatory for buying property registration for NRI:As non-resident Indians holding Indian passports, NRIs are exempt from the requirement to have a PAN Card, especially if they have no intention of making financial investments in Indian businesses.
However, the government requires that you provide a PAN Card if,
In India, an NRI wishes to invest in mutual funds.
They receive taxable revenue from an Indian source.
The non-resident Indian wishes to deposit the money they have earned from buying and selling real estate in India into their NRE or NRO accounts. According to rule 114C, a PAN Card is not always required in order to purchase a property. Since obtaining a PAN Card is simple, getting one is frequently advised to make the process of registering properties easier.
As an alternative, a non-residential Indian can also submit Form 80 when purchasing a house, apartment, or piece of land and registering such sales or purchases. An NRI must pay the tax imposed on the accrued revenue while selling a property or taking ownership of any immovable property, and they must also provide their PAN card to do so.
However, the Government of India forbids NRIs from purchasing any farmland, plantation, or agricultural property in India because they are not required to present their PAN Card information to proceed with any kind of property registration.
I hope this answer would assist you with, whether is PAN card mandatory for land registration. I hope this helps:)
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How to get an EC for my property registration? Who can be a Witness for Property Registration? How to Check Online Property Registration?Your Feedback Matters! How was this Answer?
Today PAN card has become a major identity for every Indian citizen and is required in most of the activities. So, if you’re wondering is pan card mandatory for property registration, then my answer would be, yes. In India, a person must present their PAN (Permanent Account Number) Card information in order to move ahead with any property real estate transactions. I will tell you everything in detail about it in my answer.
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Is PAN card required for property registration?
One of the most crucial documents needed for the verification of the procedure is the PAN Card. This document is essential for important financial affairs like the purchase or sale of land, a house, or a flat, as well as during property registrations. Due to the wide variety of immovable property involved in real estate, the following list will help you understand when using a PAN card is required by the Indian government.
An individual’s
pan card required for land registration
in connection with any acquisition or sale of real estate for more than ten lakh rupees is determined by the stamp valuation authority mentioned in sub section 50C of the Act, as per sub-section (5) of section 139A of the Act read with Rule 114B of Income Tax Rules, 1962.
In which cases PAN card for property registration is a must?
If someone wishes to proceed with the aforementioned types of real estate transactions in India, they must quote their PAN card in order to prevent fraud and expand the tax base.
Immovable property purchases and sales over Rs. 10 lakh must be registered, and this registration is not possible without the buyer and the seller providing information from their PAN cards.
Tenants can receive a 5% TDS on rentals of all kinds of immovable property by supplying their PAN information on rents above Rs. 50,000 in order to collect TDS from rental income. If the landlord does not provide a PAN card, the TDS increases to 20%.
If a buyer invests more than 50 lakh on immovable property, they may be eligible to claim TDS. For example, if resident Indian wishes to purchase land worth more than 50 lakh, they may be eligible to claim 1% TDS as long as they can give their PAN information when making such claims.
I hope now you understand everything about is PAN card mandatory for property registration.
Read More: Is Aadhar mandatory for property registration? How to Check Online Property Registration? How to get an EC for my property registration?Your Feedback Matters! How was this Answer?
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is pan card mandatory for registration of property ?
Rahil
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2021-12-15T13:33:01+00:00 2022-01-03T11:51:01+00:00Comment
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