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As a continuing initative to curb generation of black money from real estate transactions
Government of India should implement E Property Pass Book
It should be ensured that all properties owned by a person with its purchase cost and date of purchase should be linked with PAN number and or Aadhar Number.
The cost of property in case of transmission / mutation should be entered following income tax rules.
Once the details are entered at concerned the Registrar office a E Property Pass Book will be created where one can store the property owned by him either single or jointly.
Subsequent purchase / sale / transmission / transfer of property should be made through passing of consideration from buyer to seller designated bank account linked with Aadhar.
Letting of property on rent / lease and payment for the same could also be done through bank account linked with Aadhar so that there is no reason for arbitary account of house property income.
This shall do in long way of avoiding under reporting of value of properties sold or rent realised.
Government of India should implement E Property Pass Book
It should be ensured that all properties owned by a person with its purchase cost and date of purchase should be linked with PAN number and or Aadhar Number.
The cost of property in case of transmission / mutation should be entered following income tax rules.
Once the details are entered at concerned the Registrar office a E Property Pass Book will be created where one can store the property owned by him either single or jointly.
Subsequent purchase / sale / transmission / transfer of property should be made through passing of consideration from buyer to seller designated bank account linked with Aadhar.
Letting of property on rent / lease and payment for the same could also be done through bank account linked with Aadhar so that there is no reason for arbitary account of house property income.
This shall do in long way of avoiding under reporting of value of properties sold or rent realised.
