13 February 2018
The budget for 2018-19 provided, "PAN mandatory for entities (not being an individual) in transaction over Rs. 2.5 lakh." I am a firm. I want to purchase a property of Rs. 20 lakhs, from an individual, who does not have PAN. Can I transact? What will be the implications?
13 February 2018
Every person shall quote his permanent account number in all documents pertaining to sale or purchase of any immovable property where sales amount is 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.
Since in your case you are buying it from individual and value of property is more than 10 lakhs therefore it is mandatory for him to quote PAN. But since the person from whom you are buying the property does not have a permanent account number and that individual shall make a declaration in Form No.60 giving therein the particulars of such transaction.
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