PAN NO REQT FOR HIGH VALUE SALES

[Deepak Whorra]

Dear Experts,

 

We are often told that it is a requirement to obtain the PAN No details for all high value sales.

 

We are iin retail and would like some enlightenment on this : What is the thresh hold limit for retail sales above which it is mandatory/adviseable to obtain the Pan Number of the customer ?

 

I would be thankful for a reply which quotes the relevant section or rule no of the Income Tax or any other law .

 

Deepak

AI Summary

PAN requirement for high-value sales: mandatory for vehicle and immovable transfers, securities, hospitality bills; identity checks for precious metals.
PAN is mandatory for certain categories: sale of motor vehicles (excluding two wheelers) and immovable property regardless of amount; securities transactions and hotel/restaurant bills require PAN or identity details when statutory thresholds are met; anti money laundering rules extend identity and record keeping obligations to dealers in precious metals and precious stones. Ordinary retail sales generally require only the buyer's name and address to document the transaction.