Announcement

Collapse
No announcement yet.

PAN Card Of Property Seller

Collapse
X
Collapse

PAN Card Of Property Seller

Last updated: September 14 2015
7 | Posts
2890 | Views
  • Time
  • Show
Clear All
new posts

  • PAN Card Of Property Seller

    Hi,

    I am purchasing a residential plot in Bangalore. I do have a PAN card on my name but does the seller also need to have a PAN card in order to sell the property ? Does the sale agreement contains PAN card details of both buyer and seller ?

    In other words, should I stay away from this property if the seller doesn't have the PAN CARD ?

    Thanks
  • #2

    #2

    Re : PAN Card Of Property Seller

    pan

    If transaction value (sale price) is 50 lakhs or above, it is mandatory for the purchaser to deduct 1% TDS. Hence, if the seller does not have pan#, contact your auditor to check if there is any alternative to deduct tds without sellers pan#. Else, walk out of this transaction.

    Comment

    • #3

      #3

      Re : PAN Card Of Property Seller

      Originally posted by jamblore View Post
      Hi,

      I am purchasing a residential plot in Bangalore. I do have a PAN card on my name but does the seller also need to have a PAN card in order to sell the property ? Does the sale agreement contains PAN card details of both buyer and seller ?

      In other words, should I stay away from this property if the seller doesn't have the PAN CARD ?

      Thanks
      Yes jamblore; it is compulsory to have PAN card while buying or selling a flat. It is not mandatory for an NRI / PIO to have a PAN for entering into a property transaction (as per Rule 114C).

      However it is mandatory for deducting TDS on agreement value so in absence of pan card what is the % of tds to be deducted???

      Seniors Do Help

      Comment

      Have any questions or thoughts about this?
      Working...
      X