BUYING PROPERTY COULD NOT FILE 26QB

This query is : Resolved

G V RAMASWAMY (Querist)
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25 November 2024 Banker is selling some of the properties under auction. It is observed that in some cases, the borrowers have either not linked their PAN with aadhar nor created profile in IT Portel. In these cases, the auction purchasers are not in a position to discharge the liability. What is the recourse available. Can any one brief the same.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 November 2024 1. Banks or the auction authorities should actively communicate with the borrower to resolve any technical issues (like linking PAN with Aadhar) before the auction or immediately after the auction, ensuring that the transaction proceeds smoothly without hindrance.
2. The borrower needs to be directed to immediately link their PAN with Aadhar. This is a mandatory requirement for many financial and tax-related activities.
3. Bank can seek clarification or advice from the Income Tax Department regarding how they can handle the issue in the context of property transactions. The tax authorities may have specific guidelines on how to handle such situations, particularly in cases where there is a compliance issue from the borrower’s side.
4. In the last resort, The bank may pursue legal actions or recovery processes to ensure liabilities are cleared, which might include attaching assets or initiating further auctions.