New Delhi: In a move to trace the blackmoney pumped in the real estate sector, the government may seize property being registered on fake Permanent Account Numbers (PAN).

As per the new orders, the government may seize the property if you submit fake PAN during registration. It may also slap fine up to Rs 10, 000.   
As per sources in the Finance Ministry, income tax officials are preparing a data after making PAN mandatory for sale-purchase of assets.

However, it’s difficult for the government to collect information about the property registration. The Central Board of Direct Taxes has started to collect data about it.

The Finance Ministry has got access of the registration of 7, 95, 012 properties in 2011-12. Out of which, fake PAN were produced in 20, 000 registrations.

The government procures data regarding the sale-purchase of properties worth Rs 5 to Rs 29, 999, 99 from the local bodies and registrars. As per Section 285 B (A) of the Income Tax Act, 1961, Registrar and Deputy Registrar send annual report of assets worth Rs 30 lakh or above to the government.

JPN/Bureau

Latest News from India News Desk