Draft income tax rules 2026: New PAN Card quoting requirements for property transactions - check details
Times of India
by TOI BUSINESS DESKFebruary 22, 2026
AI-Generated Deep Dive Summary
The Indian government has introduced new PAN card quoting requirements for property transactions under the Draft Income Tax Rules 2026. The updated rules raise the threshold for mandatory PAN quoting from Rs 10 lakh to Rs 20 lakh and extend this requirement to gifts and joint development agreements. This change aims to streamline compliance for smaller transactions while enhancing transparency and audit trails for high-value deals.
According to experts, this shift reflects rising property prices and a need for better oversight in areas like gift transactions. Richa Sawhney of Grant Thornton Bharat notes that the new rules will reduce compliance burdens on small-ticket transactions, making entry-level property purchases more accessible, particularly in Tier 2 and 3 markets where property values are lower.
Atul Monga of BASIC Home Loan highlights that this move should alleviate pressure on smaller transactions, as deals below Rs 20 lakh no longer require PAN quoting at registration. This change is expected to make the property ecosystem more formalized, reducing informal transactions and improving documentation accuracy for lenders and fintech platforms.
The broader implications of these changes are significant. By enhancing audit trails and encouraging cleaner documentation, the government aims to reduce tax scrutiny and improve credibility in property dealings. This push toward formalization aligns
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Originally published on Times of India on 2/22/2026