Income tax notice will come even after buying a house, know the rules of Income Tax Department

Income Tax Notice: Let us inform you that lately persons are going through Income Tax Notice once they purchase property. If this has occurred to you too, then it is best to know the place the mistake has occurred… So allow us to know the rules of the Income Tax Department in the information beneath.

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Income Tax: Everyone desires to put money into property. In this, the returns are fairly good, even if late. Besides, your funding additionally stays secure. But, lately persons are going through Income Tax Notice on buying property. If one thing related has occurred to you too, then it is best to know the place the mistake occurred.

It is essential to hyperlink PAN and Aadhaar –

If you will have acquired revenue tax notice after buying a home or land. So test fastidiously whether or not your PAN card and Aadhaar are linked (PAN Aadhaar Link) or not. Also, the PAN card of the particular person whose property you might be buying must also be linked to Aadhaar. If the PAN card of both the purchaser or the vendor will not be linked to his Aadhaar quantity, then each can get into hassle. Recently a couple of crore PAN playing cards had been closed.

How a lot is the tax?

According to revenue tax rules on buy and sale of property, 1 p.c TDS must be paid on buy of property price Rs 50 lakh or extra. However, it may be claimed later. But now the deadline for linking Aadhaar-PAN has handed. In such a scenario, individuals will must pay 20 p.c TDS.

Notices began coming –

More than 6 months have handed since the final date for linking Aadhaar-PAN. In such a scenario, now the Income Tax Department is sending notices to the individuals who have bought property. In these, 20 p.c TDS has been demanded from the individuals. Hundreds of such notices have been issued by the IT division.

More than one crore PAN playing cards have grow to be inactive –

Recently a couple of crore PAN playing cards had been deactivated. All of them had not linked their PAN card with Aadhaar. The authorities had taken this choice to advertise the digital financial system. Linking of these two playing cards makes it simpler for the authorities to keep watch over monetary transactions. Therefore, in case you are considering of buying a home or home someplace in the future, then be a little cautious. Be certain to gather details about not solely your individual but additionally the PAN and Aadhar card of others.

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