Hyderabad: The state government has lined up major reforms in property registrations in the wake of the demonetisation and the Benami Transactions (Prohib-ition) Amendment Act, 2016 coming into effect from November 1.
It has issued directions to sub-registrars not to register property worth over Rs 10 lakh unless the Permanent Account Number (PAN) is quoted. Those without PAN will have to submit Form 61, giving a declaration as per the Income-Tax Act.
The government has asked the registration department to send the list of buyers who bought property worth over Rs 10 lakh to the I-T department every year and the buyers of property worth over Rs 30 lakh every six months against once in a year at present. This is to ensure transparency in property registrations and check flow of black money into the sector.
Revenue officials said that the norm of quoting PAN for property registrations was in place for five years but was never implemented seriously. After the benami Act and demonetisation, the I-T department app-roached the state government seeking mand-atory quoting of PAN in all property transactions so that it would be easy to track property dealings.
The state responded positively and asked all sub-registrars to comply with these norms. Deputy Chief Minister Mohd Mahmood Ali, who holds the revenue portfolio, said, “These measures are aimed at ensuring transparency and accountability in property transactions. The CM has already directed us to allow only cashless transactions in registrations department hereafter as part of the government's plans to switch to cashless economy.”
The registration department has been asked to coordinate with the I-T officials on all property deals and submit the list of transactions every six months and a year with regard to middle and high worth property transactions.
