STILL WE ARE SEEING THE PRACTICE OF REGISTERING LAND WITHOUT SUBMITTING PAN... WHAT WILL BE THE CONSEQUENCES OF SUCH PRACTICE ? IS SUCH THINGS ARE NOTICED BY IT DEPARTMENT OR NOT ?
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Land purchase
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Yes, according to income tax provisions PAN is mandatory on some transactions
MANDATORY QUOTING OF PAN (RULE 114B)
Existing requirement
1. Immovable property
i. Sale/ purchase exceeding Rs.10 lakh;
ii. Properties valued by Stamp Valuation authority at amount exceeding Rs.10 lakh will also need PAN
Thank You Sir
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