Fake PANs Help Real Estate Deals Skirt Taxes
MUMBAI: There are concerns that thousands of property transactions nationwide may have escaped the notice of tax authorities. Intentional reporting omissions, along with fictitious or incorrect Permanent Account Numbers (PANs) associated with buyers and sellers in property documents, have allowed many deals to evade scrutiny from the Income Tax (I-T) department. Officials from the investigation wing of the tax office are currently reviewing records from property registrars for verification. Registrars are mandated to report transactions involving properties valued at ₹30 lakh or more. In some instances, parties, in collusion with certain registrar officials, have ensured that transactions remain unreported or…