As per the Income Tax Act 1962, any property that is worth Rs 10 lakh will be accepted in Tamil Nadu only if PAN is mentioned along with the registration, the registration department secretary, Beela Rajesh, said on Wednesday.
In a press release, the department said, “Details of all properties, which are worth Rs 30 lakh or more will be shared with the Income Tax department as per the form 61-A.”
As of now, registration forms 60 and 61-A are online and all those who want to register their properties must present details as per the above mentioned forms and the same will be shared with the Income Tax department, the press release said.
Tamil Nadu is one of the most urbanised states, which is why the guideline value fixed on property by the government is high. “It is not possible to register any property below Rs 10 lakh in Chennai and nearby districts. Similarly, in cities like Coimbatore and Madurai, the guideline values are high and therefore the value of property will also be high,” said a senior registration department official.
On October 20, there was a record registration in the state. “More than Rs 1,110cr worth properties were registered across Tamil Nadu. Out of this, Rs 440cr worth properties were registered in Chennai city alone,” the official added.
Once the details of registration are shared with the Income Tax department, the department will check the returns filed by persons in whose names the property is registered. “If the total worth is not mentioned in I-T returns then notices will be sent to the person in whose name the property has been registered or sold,” said a senior I-T official.
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