22 December 2014
hello sir i want to ask why it is require pan card for buying and selling property and how they are considering to calculating tax.....
Pan No. is required for all Properties(Buying & Selling) whose Registered Value is equal to Rs. 5 Lacs or more. Further TDS @ 1% would be deducted by Buyer on making pmt to Seller if Registered Property exceeding Rs. 50 Lacs. Pan no is required by Income Tax Deptt. to control over the Income of most of the Asseseee.
23 December 2014
It is required when the property value ie exceeds rs. 50 lacs then 1% of the value tds to be deducted by the buyer . after that for deposit the TDS and issuing form 16B PAN is required by both party.
CAclubindia
