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Is PAN Card mandatory for buying property, registration?

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Rajeev Rajeev
Answered on March 18,2020

Quoting Permanent Account Number (PAN) is mandatory for sale or purchase of immovable property for an amount exceeding Rs 10 lakh.

As per sub-section (5) of section 139A of the Act read with Rule 114B of Income Tax Rules, 1962, a person is required to quote PAN in respect of any sale or purchase of immovable property for an amount exceeding ten lakh rupees or valued by stamp valuation authority referred to in section 50C of the Act at an amount exceeding ten lakh rupees. The due date for linking PAN with Aadhaar as specified under sub-section (2) of section 139AA of the Act is 31.03.2020.

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