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Student
60 Points Posted on 23 October 2021

Situation 1 :

I have purchased a property whose cost is more than 50 lac and transferred the consideration via bank account without deducting any TDS on it. Now the seller is demanding my PAN for filling his ITR. Should I provide my PAN to him ?

 

Situation 2 : 

I have purchased a property whose cost is less than 50 lac (i.e 32 lac) and transferred the whole consideration via bank account. Now the seller is demanding my PAN for filling his ITR. Should I provide my PAN to him ?

 

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On 23 October 2021 at 18:51 Report
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Quick Summary
This discussion addresses whether to share your PAN with a property seller when you've purchased a property. If the property cost exceeds 50 lakhs and you haven't deducted TDS, sharing your PAN could lead to notices for default. However, if the property cost is below 50 lakhs, sharing your PAN is generally fine. In both cases, the seller needs your PAN to report the property sale in their tax return.

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ca
603 Points Posted on 23 October 2021
In case 1:

You will be liable for default for not deducting TDS, which you can easily rectify by paying the TDS amount and interest.
Now if you provide PAN to the seller there are chances you may get notice for default.

In Case 2:

You can provide the PAN to the seller as you haven't committed any default.

In either case Seller would require your PAN to disclose sale of property in his return.
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On 23 October 2021 at 23:37
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Student
60 Points Posted on 24 October 2021

Okay.....

Thank-you sir

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On 24 October 2021 at 06:10

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