Unique code for high valued property transactions

Issue/Justification 

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.

Suggestion 

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.

Source-  ICAI Pre- Budget Memorandum–2018 (Direct Taxes and International Tax)

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Category : Income Tax (27491)
Type : News (13628)
Tags : Budget (1956) Budget 2018 (399) ICAI (2600)

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