Clarifications regarding reporting of details of sale of property for income tax purposes in T.N

The Government of Tamil Nadu vide press release dated 06.07.2023 has provided following clarifications regarding reporting of details of sale of property for income tax purposes:

1. Under the Income Tax act, Sec 285BA and Rule 114E, at the end of every financial year, for every Registered Sale document of value above 30L- The details of the Seller, Purchaser’s ADH no, Pan no, Property’s nature and description, property value are entered in the Income Tax Online portal under the Form 61A. It must be done by Registrars for every financial year without fail and the same has been instructed by the Head of the Registration department through circular to all the Sub-registrar office that it must be complied. It is to be done in every particular Sub-Registrar office for the particular location.
2. Before the registration of every Sale document of value above 10L, The PAN details of the seller and buyer will be collected. As per Income tax rules, the person not having PAN details should provide Form 60. Also, for every Sale document of value above 30L- The details of the Seller, Purchaser’s ADH no, Pan no, Property’s nature and description, property value will also be collected. All these details are available in Star 2.0. The same details will be entered in the online income tax portal.
3. During the registration process, the Aadhar details of the buyer and seller is collected and cross verified with the details of Real time-UIDIA Aadhar available in Star 2.0. Since Aadhar and PAN are linked, the details regarding the registration is easily made available to the Income tax department.