You can use this news if you intend to purchase real estate as well. Please ensure that your PAN-Aadhaar card is linked before registering the property. Additionally, the seller of the property you are purchasing must have a linked PAN and Aadhaar card. If this is not the case, you might be required to pay 20% TDS on the property rather than 1%.
Guidelines for properties valued at least Rs 50 lakh
The Income Tax Act stipulates that the buyer of any property valued at Rs 50 lakh or more must pay 99 percent of the entire cost to the seller and 1 percent TDS to the federal government. After the deadline for linking Aadhaar and PAN expired about six months ago, the Income Tax Department has begun notifying buyers of properties over Rs 50 lakh. They have been requested to pay 20% TDS on the purchase of real estate in this notification.
Notifications are being sent to vendors and buyers.
Reportedly, hundreds of prospective homebuyers have gotten these notices. In reality, real estate brokers have not connected their PAN to Aadhaar. Since the property seller’s PAN card was not connected to Aadhaar, it became invalid in the majority of cases. When purchasing a property worth more than Rs 50 lakh, buyers whose PAN card is inoperative are sent notice to pay the outstanding TDS after a few months.
This is the entire issue;
by Income Tax Act Section 139 AA, Aadhaar must be linked to an ITR. The Income Tax Department has discovered numerous instances where the PAN and Adhaar are not connected. The Income Tax Department has sent notices to these buyers. The deadline for combining your PAN card and Aadhaar was March 31, 2022. PAN and Aadhaar could be linked for free up until this point. However, additional TDS can now be collected from people who have not connected their PAN and Aadhaar. PAN and Aadhaar can still be linked if a Rs 1000 late fee is paid.
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