Why mentioning PAN of co owner under House Property head in ITR has become mandatory?
Is there anyway to avoid this section beacause the co owner doesnt have a PAN.
5 Replies
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 27 July 2014
it has been mandatory because if there is income from such property then it needs to be shown in both owners itr and dept can cross check it from the pan mentioned in both itrs. if it is not shown in either of the itr then dept can issue notice to such person....... if the co owner does not have pan then its better to show in itr that the house is fully owned by the person having pan. but you need to show full amt as income and not just only his share of income in itr.
CA Himanshu Bansal
(Risk Manager)
(2345 Points)
Replied 27 July 2014
It has been made mandatory to collect more data to check tax evasions.Department can see whther the co-owner has disclosed his share of income if they have co-owner's PAN.
I dont find any way to escape this requirement.
CA J.Alamelu lakshmi
(Chartered Accountant)
(852 Points)
Replied 27 July 2014
May be we can show the property as fully owned by the assessee but it is injustice to show the entire income as his own.
Also in the present case, the individual share is only around Rs.80,000.00.
Vikas Shah
(Articled Assistant)
(41 Points)
Replied 10 February 2016
Under which section disclosure of PAN is mandatory ??
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 29 March 2016
@ vikas.... there is no such section, it is a procedural compliance that everyone has to follow.
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