When registering property valued at ₹30 lakh or more, the Karnataka Department of Registration and Stamps has mandated that both buyers and sellers provide their PAN information. The registration process won't be finished without a PAN.
The Inspector General of Registration and Commissioner of Stamps issued this directive on May 16, and it is applicable to all sub-registrar offices in the state. The action guarantees that at the end of the fiscal year, high-value real estate transactions are notified to the Income Tax Department.
In order to register a property, buyers and sellers must now provide certain paperwork and self-declaration forms, according to a new circular from the Karnataka Registration Department.