Sub-registrars to collect PAN for transaction above Rs 1 lakh; notify Income Tax if property value exceeds Rs 30 lakh

Hyderabad, Apr 11 (KNN) Sub-registrars are statutorily obligated to report immovable property transactions exceeding Rs 30 lakh and collect pan of all transacting parties for transactions exceeding Rs 1 lakh.

This was informed at a seminar on filing of statement of financial transactions (SFTs) which was conducted by directorate of income tax (intelligence and criminal investigation), Hyderabad at income tax office.

A statement containing all reportable transactions is required to be filed by sub-registrars by 31 May, 2023.

The directorate of intelligence and criminal investigation is tasked with the responsibility of ensuring timely and defect free filing of statement of financial transactions.

Addressing the large gathering of sub registrars of Hyderabad, Ranga Reddy and M. Vijay Kumar, IRS, Director (I&CI) explained the importance of filing of SFTs by the Sub-Registrars in augmenting the revenue collection.  

Vijay Kumar, IRS also touched upon the scheme of e-verification that has resulted in filing of updated return in large numbers.  (KNN Bureau)