Q.826 Register property without PAN - UK NRI
Question: I want to register a new house Bangalore , But i don't have PAN Card ? Is it possible? NRI UK citizen? Thanks [November 21, 2015] Answer: Generally, foreign citizens of Indian origin are exempt from providing PAN. When a transaction calls for producing a PAN, those who do not have PAN are required to file a declaration in Form 60. This is accepted in lieu of PAN. Instead of PAN card number, Form 60 is then submitted to the Income tax department. [View Form 60 sample HERE] It is common practice now in India that PAN is required in India for registration of immovable properties valued at five lakh rupees or more. Since getting a PAN card in India is relatively easy, many non-residents are advised by builders, brokers etc. to simply get a PAN as things move faster, without the requirement of additional documents/questions that some registrars might come up with. Furthermore, when selling or repatriating sale proceeds of property, PAN will be required.
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Rule 114C of the Income Tax Rules that lists Class
or classes of persons to whom provisions of
section 139A shall not apply, includes:
(1)b. the non-residents referred to in clause (30)
of section 2;
[Section 2 (30) "non-resident" means a person
who is not a "resident", and for the purposes of
sections 92, 93 64 and 168, includes a person who
is not ordinarily resident within the meaning of
clause (6) of section 63;]
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NriInformation Questions &Answers
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© Copyright 2006 Nriinformation.com
Q.826 Register property without
PAN - UK NRI
Question: I want to register a new house Bangalore , But i don't have PAN Card ? Is it possible? NRI UK citizen? Thanks [November 21, 2015] Answer: Generally, foreign citizens of Indian origin are exempt from providing PAN. When a transaction calls for producing a PAN, those who do not have PAN are required to file a declaration in Form 60. This is accepted in lieu of PAN. Instead of PAN card number, Form 60 is then submitted to the Income tax department. [View Form 60 sample HERE] It is common practice now in India that PAN is required in India for registration of immovable properties valued at five lakh rupees or more. Since getting a PAN card in India is relatively easy, many non-residents are advised by builders, brokers etc. to simply get a PAN as things move faster, without the requirement of additional documents/questions that some registrars might come up with. Furthermore, when selling or repatriating sale proceeds of property, PAN will be required.
Rule 114C of the Income Tax Rules that
lists Class or classes of persons to whom
provisions of section 139A shall not apply,
includes:
(1)b. the non-residents referred to in
clause (30) of section 2;
[Section 2 (30) "non-resident" means a
person who is not a "resident", and for the
purposes of sections 92, 93 64 and 168,
includes a person who is not ordinarily
resident within the meaning of clause (6)
of section 63;]
