Unique code for high valued property transactions
Currently, every Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908 has to report through AIR/SFT, the data related to every purchase or sale by any person of immovable property valued at thirty lakh rupees or more as per section 285BA rwr 114E. There is a need for integrating the data related to such high valued transactions and to strengthen the reporting requirements.
It is suggested that a unique code be allotted to all transactions reported through AIR/ SFT w.r.t property transactions exceeding a certain amount so as to help in data mining exercise of the government. One such unique code can be as follows:
(XX YY ZZZZZZZZZZ MMMMMM)
STATE code, Registrar Code, PAN, Date of Transaction
The first 2 digits should reflect the state code followed by 2 digit sub registrar code and next ten digits should be PAN of the asseseess and last 8 digits showing the date of registration in DDMMYYYY format.
Do you think CBDT should extend Tax Audit Report and relevant ITR Due Date? Please Comment, Vote, Retweet and Like.— Tax Guru (@taxguru_in) September 18, 2018