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E-Verification of PAN, Aadhaar Made Mandatory to Curb Fake Property Transactions
Income Tax Department: The Income Tax Department is preparing to scrutinize registry office records to monitor property transactions worth more than ₹30 lakh. Thousands of transactions that have been evaded by incorrect PANs, fake names, and reporting errors could be exposed. The government is cracking down on unaccounted wealth and black money.
Unaccounted wealth and benami transactions will be targeted. The Income Tax Department plans to examine property registrar records. Many property transactions are likely hidden from tax authorities.
Deliberate reporting errors and fake or misleading PANs of buyers and sellers on property documents help prevent these transactions from being detected. Property registrars must report purchases and sales of properties worth ₹30 lakh or more.
There are also instances where parties conspire with officials at registrar offices to hide transactions or use false PANs or names, making them hard to trace. High-value real estate deals have long been used to launder black money, often through shell companies.
A major reform is the mandatory e-verification of PAN and Aadhaar for all parties before property registration. This step can help eliminate the use of fake or incorrect PAN or Aadhaar details and make sure property records show true ownership. Earlier this year, the Income Tax Department launched a nationwide investigation into individuals and entities reporting agricultural income of ₹50 lakh or more without land ownership.
