RAJAMAHENDRAVARAM : Gone are the days, when no PAN Card was required for transaction up to Rs 5 lakh. The Department of Stamps and Registration has issued orders mentioning that submission of PAN card is compulsory for transactions above `1 lakh. This has come into implementation and in case of non-availability of PAN Card, persons other than in agriculture sector have to submit Form 60, while those who are in agriculture sector have to submit Form 61. As a result of this, buyers and sellers are hesitating to buy or sell any property fearing that they may come under Income Tax scanner.
Registrations have come down in East Godavari district for the last few days and revenue for the government too has dipped. With this new GO issued by Stamps & Registration Department, linking of PAN is compulsory with the property as in the case of bank accounts. If anybody gives false information that they don’t have PAN card, it will go to I-T department and if it is proved that a particular person bluffed, he will get notices from the I-T Department.
In addition, the I-T Department held a meeting recently with the officials of Stamps & Registration Department, and said if any person buys or sells any property above `30 lakh, the document should be sent to I-T Department for verification.
PAN woes
Buyers and sellers are hesitating to buy or sell any property fearing that they may come under I-T scanner
Registrations have come down in EG in the last few days and revenue for govt too has dipped
If any person buys or sells any property above R30 lakh, the document should be sent to I-T Department for verification