22 September 2014
if you are referring to PAN of the buyer, then it is not required. With regards to PAN of the seller, since the income is all exempt, even if you dont file the return, department cannot question you...
22 September 2014
but the exemption is available only if its claimed in itr in exempted income table in itr and then only its exempted so u need a valid pan number
22 September 2014
not necessary tushar...if you refer to section 139(1), return is to be filed only if the total income exceeds basic exemption limit after providing for chapter VIA deduction. Since total income excludes Section 10 incomes, there is no case for the same to be considered for computing 139(1) compliance requirement.
So if the income doesn't exceed the basic exemption limit, return is not required to be filed. Needless to say that the above wont apply to firms and companies.
Bhavin, PAN of seller is also not required as such as 194-IA doesnt apply to agriculture land. However, it is advisable to have the same for record purposes.
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