Real Estate FAQ - For Seller
Yes. But the procedure and forms may vary from state to state depending on the location of the property. Every state in India has formulated its own set of forms under the registration rules. These forms are to be filled up and filed at the time of the registration of Sale Deed/Transfer Deed.
Under the Income Tax Act and rules for a sale transaction, it is mandatory for the buyer and seller to provide their PAN card number and in the event of sale, either the seller and/or the buyer would need to fill up From 60 of the Income Tax.
If the buyer or the seller is a Non-Resident Indian (NRI) not assessed for taxes in India, the person would not need to file Form 60 of the Income Tax.