Archive · 20 May 2025
Sub-registrars to Collect Tax Details on Property Transactions
Imagine you're buying a house.
The government wants to make sure everyone pays their taxes fairly.
So, when you buy a property worth more than 30 lakh rupees, the people in charge of registering the sale (sub-registrars) now have to collect some extra information.
They need details like your PAN card, address, and how you paid.
This information is then sent to the tax department.
This helps the government keep track of big transactions and catch anyone trying to avoid paying taxes.
Both the buyer and seller must provide this information, and if they don't, they can't complete the property registration.
The sub-registrars are asking for an easier way to do this, like using the same online system where people upload the documents.
The Stamps and Registration department mandated sub-registrars to collect SSFT statements for property transactions over Rs 30 lakh.
This is to prevent tax evasion, as per Section 285BA(1) of the Income Tax Act-1961.
The circular requires details such as PAN card, address, and transaction specifics from both buyers and sellers.
Registration documents will be withheld if SSFT details are not provided.
Sub-registrars have requested incorporating SSFT submission into the Kaveri-2.0 software.
- Who
- Sub-registrars, buyers, sellers, and the Income Tax Department.
- What
- Sub-registrars are required to collect the Specified Financial Transaction (SSFT) statement for property transactions exceeding Rs 30 lakh.
- When
- Not explicitly mentioned, but the circular was issued recently.
- Where
- Bengaluru, across the state
- Why
- To prevent tax evasion and ensure compliance with the Income Tax Act.
Sub-registrars' Concerns
Government's Perspective
SSFT Submission Process
Sub-registrars' Concerns
Sub-registrars are requesting the integration of SSFT submission into the Kaveri-2.0 software to streamline the process and reduce their workload.
Government's Perspective
The government, through the Income Tax Department, is focused on ensuring all required financial transaction details are collected for tax compliance.
- Department
- Stamps and Registration
- Requirement
- Collect SSFT for property transactions
- Threshold
- Transactions exceeding Rs 30 lakh
- Legal Basis
- Section 285BA(1) of the Income Tax Act-1961
- Information Required
- PAN, address, transaction details
- Parties Involved
- Buyers and sellers
- Software request
- Kaveri-2.0