Pan card holders: Nearly six months after the end of the time limit for linking Aadhaar and PAN, the Income Tax Department has started sending notices to buyers purchasing property worth more than Rs 50 lakh.
Property Purchase News: If you are also planning to buy property then this news is useful for you. Before registering the property, make sure that your Aadhaar card and PAN card are linked. Besides, it is also important that the person from whom you are buying the property should also have linked Aadhaar and PAN card. If this is not the case, you may have to pay 20 percent TDS on the property instead of 1 percent.
Rules on property worth Rs 50 lakh or more
According to the Income Tax Act, the buyer of any property worth Rs 50 lakh or more will have to pay 1 percent TDS to the central government and 99 percent of the total cost to the seller. Nearly six months after the end of the time limit for linking Aadhaar and PAN, the Income Tax Department has started sending notices to buyers purchasing property worth more than Rs 50 lakh. In this notice they have been asked to pay 20% TDS on the purchase of property.
Buyers and sellers are receiving notices
According to media reports, hundreds of property buyers have received such notices. Actually, property sellers have not linked their PAN with Aadhaar. In most of the cases, the PAN card of the property seller became inoperative because it was not linked to Aadhaar. In such a situation, buyers whose PAN card is inoperative are receiving notices after a few months to pay the outstanding TDS on purchasing property worth more than Rs 50 lakh.
This is the whole matter
Under Section 139 AA of the Income Tax Act, it is necessary to link Aadhaar in ITR. But, the Income Tax Department has found many such cases where there is no PAN-Aadhaar link. Notices have been issued to these buyers by the Income Tax Department. The last date for linking Aadhaar and PAN card was 31 March 2022. Till this date, PAN and Aadhaar could be linked for free. But now more TDS can be taken from those who do not link PAN and Aadhaar. You can still link PAN and Aadhaar by paying a late fee of Rs 1000.
