LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Is pan card mandatory to buy a property

17 December 2012

Is it Mandatory for a person to have a PAN Card to buy a property in India. I am an NRI living abroad and do not have a PAN Card. Will signing on FORM-60 suffice. Please update me on this rule.

Thanks.

Sanjeev Kapur

Reply
Follow
Share

8 Replies

wbxpress (Student Others) (29 Points)
Replied 21 December 2012

I think, any purchase above Rs. 50,000/- in India by Individual, PAN card is mandatory.

CA rahul (BCOM(H) ACA) (725 Points)
Replied 21 December 2012

pan card is mandatory for nri who is willing to purchase property in india as per the guidelines of the income tax department

kavitha (studying final) (830 Points)
Replied 27 December 2012

Whether PAN Card (Permanent Account Number) from Indian Income Tax Authority is required to be obtained before buying property in India?

Ans. PAN or Permanent Account Number is a ten-digit alphanumeric code generated by the India’s “Income Tax Department”, that is required by anyone who wish to conduce any kind of financial transaction in India. PAN is required for NRIs or PIOs living abroad who wish to make investment in India, buy property in India, open Bank account in India, rent out property in India etc

1 Like

work is worship (Service) (2728 Points)
Replied 08 April 2013

Yes it is mandatory to have a pan card whether you are resident or non resident or Person of Indian Origin for any purchase or sale of Immovable property in India.

Sale or Purchase of immovable property valued at INR 500,000 or more,.

If there are co owners, the PAN of both the owners need to be purchsed.

If a nominee holds the property, the PAN Of legal owner must be mentioned.

The PAN should be disclosed in the document pertaining to sale or purchase of the property.

dr.pashmeen (doctor) (24 Points)
Replied 22 February 2014

Hello Sanjeev, it is mandatory to have a PAN card to buy a property in India, according to the new rule been established, However, I advice you to hire an agent to get all the work done for you.

I know this company in Delhi: Investbak, they work absolutely fine to provide you services at your doorstep, with no extra sweat! My brother in USA got his PAn card from the same company.

You may contact them at: contact @ investbak.com

or call on: 91-9650673813.

I am sure it'l be of great help! :)

Source: https://www.investbak.com

Originally posted by : sanjeev kapur
	Is it Mandatory for a person to have a PAN Card to buy a property in India. I am an NRI living abroad and do not have a PAN Card. Will signing on FORM-60 suffice. Please update me on this rule. Thanks. Sanjeev Kapur

CA SUKSHAM ARORA (CA) (569 Points)
Replied 22 February 2014

AGREED WITH THE ABOVE FRIENDS

Shenoipreetish (MBA) (23 Points)
Replied 24 June 2014

Yes, of course PAN card is necessary. Other than PAN, you should obtain a PIO certificate as an eligibility proof. In case you do not have your PIO certificate, you can always produce your parents birth certificate for the eligibility.

Refer this link for more details...