INCOME TAX FOR A NOVICE

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  1. Amitabh01

    Amitabh01 New Member

    Dear Everyone,

    A Good Day to all.

    I have returned for good to India 2 years back after working as a Purchase Manager for 15 years in a Multi National Company in K.S.A. I went to K.S.A soon after completing my M.B.A & so do not know much about the taxes in India.

    Whereas I have a pan card from 2008, that too because while purchasing a property I was informed that it would be a necessity & also for bank deposits or withdrawals for big amounts.

    Other than these purposes I've not used the Pan Card for any other process.

    Now my query is how to start up with my Pan Card? I am not working nor am I doing any business. I am relying on rents from my properties, for my expenses, which comes to zero after all the expenses.

    Shall I enter into this Pan Card field now or is there no need ? Please clarify and suggest further steps.

    Also please note that I am planning to sell a property (residential land) which is worth around may be +1.5 Crores for which the value in the sale deed may be 70 Lakhs. According to a rough calculation, by means of cost inflation index, my friend provided the capital gain might be about +20 lakhs. The Sale Deed will also include my Pan Card no. as the beneficiary. Are there any steps that I should take before finalizing this deal.

    Since I have not used my Pan Card till now will this capital gain or the tax to be paid on it cause any problem? If yes then what details will be asked & how to solve them.

    If no please explain.

    I appreciate the forum members & their helpful response.

    Thanks & Regards

    Amitabh.
     
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