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PAN no. in sale deed
Posted: February 22nd, 2012, 8:46 am
by Sri
Is it necessary - read mandatory- (2012 timeframe) today to put down the PAN number in the sale deed that will get registered?
What details are mandatory to be put in the sale deed?
Thanks,
Re: PAN no. in sale deed
Posted: February 22nd, 2012, 10:17 am
by msn1270
For many years, many people are doing transactions in Lakhs or Crores. But they don't have any traceable income proof like Bank account and Tax payment proofs for their earnings(Including many politicians). This is one of the initiative made by IT Dept several years ago. But it was not effectively implemented. Already IT Dept is verifying all the property transaction details from last 2-3 years.
By making PAN CARD mandatory for the Property Transaction, IT Dept can trace the Credibility and money flow of the buyer and Seller and erosion of income to the Government.
For salary class this will not have any impact as all their earnings are received after tax deducted at the source. For non Salary Class it can dent their profit or Black Money.