CHENNAI: The Income Tax Department has made PAN details mandatory for buying stamp papers worth Rs 2 lakh and above. The new rule will come into effect from April 1, according to a Daily Thanthi report.
As per the new norms, anyone purchasing stamp papers worth Rs 1 lakh or more must share their details with the Stock Holding Corporation of India. For purchases above Rs 2 lakh, providing PAN is compulsory.
Officials said the move is aimed at keeping a closer watch on high-value property transactions and reducing the use of unaccounted money.
Stamp papers are an important part of property registration, and the new rules will help the department track such transactions more easily.
In Tamil Nadu, the real estate sector has been active, but there have been concerns about part of the money being paid in cash instead of through banks.
With these changes, the department aims to improve transparency and bring more transactions under proper monitoring.