PAN-Aadhaar Link: If you are also going to buy a house and your PAN-Aadhaar is not linked, then you may have to pay heavy tax.
PAN-Aadhaar Link: Now there may be trouble for home buyers. If you go to buy property, you also have to pay tax. Especially fees have to be paid in the form of TDS. But, if there is no PAN-Aadhaar link, then according to the new income tax rules, you may have to pay heavy tax. In such a situation, if you have not yet linked PAN-Aadhaar, then buying a house may be difficult.
If there is no PAN-Aadhaar link then pay 20% TDS on property.
If you buy a property worth more than Rs 50 lakh, then 1% TDS has to be paid on it. In this, the buyer has to pay 1% TDS to the central government and 99% to the seller. But, if PAN-Aadhaar is not linked then the buyer will have to pay 20% TDS instead of 1% TDS. The deadline for linking PAN-Aadhaar has ended and after the deadline, the Income Tax Department has started sending notices. The department is sending notices to people who buy property worth more than Rs 50 lakh.
What is the matter?
Under the provisions of Section 139 AA of the Income Tax Act, it is mandatory to link Aadhaar in the income tax return. But, the department has found many such cases where there is no PAN-Aadhaar link. Notices have been issued to hundreds of such home buyers by the Income Tax Department. The deadline for linking Aadhaar-PAN was 31 March 2022. Till this deadline, Aadhaar could be linked for free. But, those who do not link PAN-Aadhaar are having to face higher taxes on many fronts. PAN-Aadhaar linking can also be done in the current system. But, for this the link will have to be done only by paying a late fee of Rs 1000.
Refund stuck to these people
Actually, the Income Tax Department has sent notices of 20% TDS to many such home buyers. Due to lack of PAN link, notice has been received from them to pay 20% TDS. Till PAN is not linked, 20% TDS will have to be paid. The Income Tax Department has not processed the refund of such taxpayers who have not yet linked PAN and have property registered in their name. Refund will be issued to such taxpayers only when 20 percent TDS is paid.
How to link Pan-Aadhaar
- To link PAN-Aadhaar, go to the e-filing website of Income Tax.
- On the left side of the site page, you will get the option of quick links. Here you have to click on ‘Link Aadhaar’ option.
- Here you have to enter your PAN, Aadhar number and name. After giving this information, an OTP will be sent to you.
- After entering the OTP, your Aadhaar and PAN will be linked.
- Keep in mind that the Income Tax Department crosschecks your details to see whether your Aadhaar and PAN information is valid or not.
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