Union Budget 2026-27 reduces paperwork for resident individuals and HUFs buying immovable property from NRIs. Starting October 1, buyers won’t need to obtain or use a TAN to deduct tax at source. Instead, TDS reporting will be done using the buyer’s PAN, streamlining the compliance process for such transactions.
Prime residential property prices in India kept rising, reducing how much space $1 million can buy in Mumbai, Delhi, and Bengaluru. Despite all three cities moving up in global property affordability and market rankings, the purchasing power in real square footage tightened—highlighting how faster price growth is outpacing buyers’ expectations.
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The Income Tax Department has replaced Form 60 with a new Form 97 for people without a PAN who complete certain transactions. This includes buying property above Rs 20 lakh up to Rs 45 lakh, opening bank accounts, and making specific cash payments. The change is meant to streamline compliance and reduce reporting for these declarations.
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