Pan no not available during sale of property
Querist :
Anonymous
(Querist) 25 June 2018
This query is : Resolved
A flat in Mumbai is jointly held by the mother and 2 adult daughters. The mother and elder daughter are NRIs holding PAN cards. The younger daughter has given up her Indian citizenship and is now a foreign passport holder.
The family is interested in selling the property. Since 1% TDS is applicable for sale of property valued above 50L how does one go about when there is no PAN card with one of the owners.
Dr J C Vashista
(Expert) 27 June 2018
When the "anonymous" author is dealing the property worth lakhs of INR she must consult and engage a local lawyer/CA to take care of her sale proceeds vis-a-vis tax liability.