PAN Number Required for Property Registration

 PAN Number Required for Property Registration: Tamil Nadu Government

The Tamil Nadu government has announced that details of properties registered for over 30 lakh rupees will be shared with the Income Tax Department.

In a statement issued by Commercial Taxes Secretary Beela Rajesh, it was stated that according to the Income Tax Act of 1962, property registrations valued at 10 lakh rupees or more will only be accepted if the PAN number is included with the registration.

It was also mentioned that when properties worth 30 lakh rupees or more are registered, these details will be shared with the Income Tax Department. As per the current situation, forms 60 and 61-A for property registration are available online, and it has been instructed that all the details mentioned in these forms must be duly filled.

The Income Tax Department officials stated that sharing this information with them would allow them to see in whose name the properties are registered when filing income tax returns. Moreover, if the total value of the properties is not mentioned during the income tax filing, a notice will be sent to the person who registered or sold the property.