PAN Card No Longer Required for Properties up to ₹20 Lakh! Know the New Rule”

New Delhi: If you’re considering buying a new house, flat, or plot, the central government is set to significantly reduce the paperwork hassles for buyers. The Modi government is preparing to provide significant relief to property buyers, which could benefit them on a large scale.

Recently, the Income Tax Department has presented a draft of new rules, which could be implemented soon. Once implemented, property buyers and brokers will experience significant paperwork relief. Overall, the hassle will be eliminated.

Now, you won’t need to show a PAN card when purchasing a property worth up to ₹20 lakh. Although it hasn’t been officially implemented yet, the government is considering it rapidly. Currently, the Aadhaar card requirement is quite low.

Know what’s changing?

According to government regulations, a PAN card is mandatory for buying or selling property worth more than ₹10 lakh. However, the Income Tax Department is considering doubling this limit. The requirement for a PAN card for property purchases and sales of up to ₹20 lakh may be eliminated.

This will provide relief to individuals. Considering the annual rising prices of vacant land plots, houses, shops, and flats, the requirement for a PAN card for purchases above ₹10 lakh seems inadequate. This creates difficulties for both sellers and buyers. Therefore, there are calls to double this limit.

What will be the impact on properties under ₹20 lakh?

If the government approves this proposal, it could be implemented from April 1, 2026. Once implemented, properties under ₹20 lakh will be able to be bought and sold without a PAN card. This means that a PAN card will be required for property purchases over ₹20 lakh. This will prove to be a significant relief.

Learn why the government wants to provide relief.

For your information, property prices have been rising in recent years. The government believes that increasing the limit based on the old rules is necessary to keep pace with the times. This will provide relief to the public and eliminate the hassle of paperwork.