Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Buyer’s information is required in case of transfer of immovable property

If assessee reports capital gain, from transfer of an immovable property, in income tax return, it would be mandatory for him to furnish the following information about the buyer:
a) Name of buyer
b) PAN of buyer
c) Percentage share
d) Amount
e) Address of property
f) Pin code
It is mandatory for the assessee to furnish the PAN of buyer in ITR form if tax has been deduced under section 194-IA or PAN is quoted by buyer in the registration documents.

PAN is otherwise a mandatory document to buy or sell an immovable property if the stamp duty value or the sales consideration exceeds Rs. 10 lakhs.

This will impact [ITR 2, 3, 5, 6]

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