Daijiworld Media Network - Bengaluru

Bengaluru, May 25: The Karnataka Department of Registration and Stamps has made it mandatory for both buyers and sellers to submit their Permanent Account Number (PAN) details while registering property valued at Rs 30 lac and above. Without PAN submission, the registration will not be processed.

A circular in this regard was issued by the Inspector General of Registration and Commissioner of Stamps on May 16 to all district registrars and sub-registrar offices across the state. The circular specifies that details of buyers and sellers involved in property transactions worth Rs 30 lac and above must be reported to the Income Tax Department at the end of the financial year.

The circular also includes the list of documents and self-declaration forms that need to be submitted during property registration. Officials have been instructed that the registration process must be completed and the documents handed over only after all the required information is furnished. If these details are missing, the registered document must not be issued.

A standard format has been created for the submission of buyer and seller details, which must be filled out, signed, scanned, and uploaded to the Kaveri-2 software system. All details related to property registration, transactions, buyers, and sellers conducted during the financial year must be compulsorily reported to the Income Tax Department in Form 61A.

Officials noted that while the requirement to submit transaction details to the Income Tax Department has existed for years, the registration offices had not been consistently complying. The Income Tax Department had repeatedly raised objections over this non-compliance, prompting stricter enforcement now. Senior officials from the department said the move is expected to curb tax evasion in property transactions.