New conditions regarding land registration rules are coming. First of all in beginning Income tax number quoting in land registration is being made mandatory for persons having above Rs.2,50,000 annual income. After demonetization on 8 November 2016 there has been many actions againt black money. All routes of black money are being blocked by Narendra Modi led Central Government. Reserve Bank of Inida (RBI), Income tax Department (IT), Enforcement departments .etc are in full swing after demonetisation to crack down black money. Land registration India PAN card number quoting is made compulsory from November 2016 to crack down on people buying properties using black money.
With demonetization of old currency notes and introducing of new currencies, people accepting black money are trying to invest it in gold and real estate. This was why new regulation was implemented in land registration to track down on people buying properties. Few days back a Whatsapp message was going rounds regarding E Property pass book (Pattadar pass book) which may be introduced from April 2017. There is no official confirmation regarding it and it was considered to be just a speculative fake news. But recent decision to control land registrations through PAN number, makes it a head ache for black money holders. Even if it was a fake message, recent decision to collect PAN numbers of people buying property from all income groups exceeding Rs. 2,50,000 annual income, will surely affect real estate.
People intending to buy new properties or lands as an investment will slow down it for few months. Those who try to do land registrations in name of others using binami names, will have to give PAN numbers , which will make them think thrice before doing it. Narendra Modi is closing all ways for black money holders to convert crores of cash into real estate investments.
Soon all sale of properties or land buying can be made only through cheque transactions which will be legal bu paying correct taxes and increase revenue for government. Sky high prices on properties and land will come down as demand goes down.
Source of income revelation to authorities has to be done as all bank accounts are now linked to Aadhar number. So even if fake message regarding E Property pass book (EPPB) will never become reality, Narendra Modi has started his first step against black money hiding into real estate.
Few days before there was a speculation by gold merchants that a gold import ban may be done, which is also a possibility in near future. With strong decision to do demonetization of old currency notes in India, there are tough situations faced by business men, investors .etc.
Value of rupee to dollar is falling down and soon 1 Dollar conversion rate will be up to Rs.70. Growth rate of India will go down in coming months.
Narendra Modi led Central Government is determined to end black money as he promised earlier. Modi will do everything possible to unearth Seventy years of evil hidden in form of black money after Independence.
Procedures regarding Land registration India PAN card
PAN Card number has to be mentioned in land registration legal document on persons whose annual income is above Rs.2,50,000. Those persons whose income is below 2.5 lakhs and those who do not have any PAN card and falls below above limit can fill in Form 60.
This will reduce binami registrations in real estate business. It is known locally by names Pattayam, Aadharam, Pramanam, Praman, Pattadar.etc. From April 2017 all Sub Registrars in India have been ordered to file Income tax returns, to verify these details. New amendments and requisitions by Income tax department has led to many protests from people.
Land registrations in country is decreasing and black money holders who tried to hide their cash in properties is finding it difficult. Earlier PAN Number quoting was done only in properties of value above Rs.10,00,000 (Ten Lakhs). This made many people do tax evasion by showing land value as lower by bribing.
This activity can be reduced by bringing most people in country under law by making it compulsory to quote PAN number by everyone who has more than Rs.2,50,000 annual income. It means everyone who has taxable earnings of more than 20800 rupees per month will have to quote their PAN number when they do land registrations.
In India many people who have huge incomes do not have PAN number. With strict laws on land registration it will e almost impossible for anyone to avoid quoting PAN number and escape hands of Income tax department.