Aadhar Card is mandatory for Real Estates
After making Aadhar card mandatory for getting PAN and filing income tax returns, the government may soon be making the UIDAI-based authentication compulsory for real estate deals.
The step has been taken to minimize the use of black money for transactions in property dealings, will make Aadhaar-based authentication mandatory at the time of registration of documents such as sale, purchase and transfer of property.
The department of land resources, under the Ministry of Rural Development, has already written to state governments and Union Territories, advising them to notify rules mandating “consent-based Aadhaar authentication” at the time of registration of documents.
According to Real Estate experts this is one of the finest step taken by any Govt. to control the use of black money. Govt. is going to apply this very soon. Everything is going to be linked with Aadhar Card and Pan Number weather it’s account number or any documents.
As many as 2.07 crore taxpayers have already linked their Aadhaar with PAN.
There are over 25 crore PAN card holders in the country while Aadhaar has been issued to 111 crore people. Govt. is going to apply this rule from 1 august 2017.