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No PAN for property purchase Use new Form 97 income tax rules start now
Economy
Published on 24 April 2026
Form 60 is gone and property buyers must comply
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.
- Form 97 replaces Form 60 for PAN-less taxpayers
- Applies to specified property purchases between Rs 20 lakh and Rs 45 lakh
- Also covers opening bank accounts and certain cash payments
- Department expects simplified reporting for declarations
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times