The Central government has amended Income Tax rules, raising the threshold for submitting PAN details during property registration. Under the revised norms, buyers registering property valued up to Rs 20 lakh will not be required to provide a Permanent Account Number (PAN).
The requirement was introduced to prevent property buyers from concealing transaction details from the Income Tax Department. Earlier, PAN details were mandatory for registering properties up to Rs 10 lakh, and those without PAN had to file a separate declaration.
With the latest amendment, the exemption limit has been increased to Rs 20 lakh. This means PAN details will be needed only when registering documents for properties valued above Rs 20 lakh.
The new rules are scheduled to come into force from April 1. The exemption will apply to transactions including buying, selling, gifting, and joint development of property, as specified in the amended provisions.
