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PAN Card: Buying or selling property? Modi govt says quoting PAN mandatory above Rs 10 Lakh

Rajeev Kumar
is pan card mandatory for buying property registration

Is PAN Card mandatory for buying property, registration? Quoting Permanent Account Number (PAN) is mandatory for sale or purchase of immovable property for an amount exceeding Rs 10 lakh, the Central government recently told the Parliament. In a written reply to a query in Lok Sabha, Minister of State for Finance Anurag Thakur said on 3rd February, "As per sub-section (5) of section 139A of the Act read with Rule 114B of Income Tax Rules, 1962, a person is required to quote PAN in respect of any sale or purchase of immovable property for an amount exceeding ten lakh rupees or valued by stamp valuation authority referred to in section 50C of the Act at an amount exceeding ten lakh rupees. The due date for linking PAN with Aadhaar as specified under sub-section (2) of section 139AA of the Act is 31.03.2020."

Thakur further said that this measure will help to curb benami property and bring in transparency.

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Thakur’s reply came in response to a query on whether the Government proposed to "link all property regarding transactions with Aadhaar to curb benaami property and bring in transparency?" and if so, "the time by which this action plan is likely to be implemented along with the details of additional benefits to be reaped by the people therefrom?"

Instant PAN

In Budget 2020, the government proposed to provide instant PAN through Aadhaar. She proposed to launch a system under which PAN will be instantly allotted online based on Aadhaar without any requirement for filling up of detailed application form.

"In the last Budget, I had introduced the interchangeability of PAN and Aadhaar for which necessary rules were already notified. In order to further ease the process of allotment of PAN, soon we will launch a system under which PAN shall be instantly allotted online on the basis of Aadhaar without any requirement for filling up of detailed application form," Sitharaman had said.

The interchangeability of PAN and Aadhaar was introduced in the previous Budget.