• House Property Name issue

My father's name is Avnesh Kumar, this is the name registered in PAN and Adhar and all bank accounts.
He had a house registered in name of Avnesh Kumar Srivastava. (Srivastava was added to his surname in registry in 1987 but he writes Avnesh Kumar only) House was built in 1987. 

One customer was interested in purchasing this house, my father has sold the house to him, he did not have any objection with "Srivastava" in registry and with mutual agreement the customer has paid the amount to my father's account through RTGS. 
1).I want to know will there be any problem in income tax evaluation because PAN number has Avnesh Kumar instead of Avnesh Kumar Srivastava.
2).House was sold on 12 November 2021 but 26AS does not show this entry till now. What should I do if the entry doesnot show up in Form 26AS, whom to contact in that case?
Asked 11 days ago in Property Law
Religion: Hindu

2 answers received in 30 minutes.

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7 Answers

This won't be a problem as the PAN no. Is relevant here. Both names have the same PAN no.

The department must be taking its time. You shouldn't worry about that.

Rahul Mishra
Advocate, Lucknow
13220 Answers
48 Consultations

5.0 on 5.0

You would not face problems in income tax evaluation 

 

2) father can execute an affidavit that both are one and same person 

 

3) regarding 26 AS consult your local CA 

Ajay Sethi
Advocate, Mumbai
84937 Answers
5618 Consultations

5.0 on 5.0

1.  The taxes can be paid to the given name in the ITR, just because his surname was not included or included makes o difference so long he has evidence for having paid the taxes.

2. Whether this entry has been reflected or not, it becomes the duty of the tax payer to pay the due taxes whatever he has to pay towards the income accrued in the assessment year. 

T Kalaiselvan
Advocate, Vellore
75050 Answers
1263 Consultations

5.0 on 5.0

Dear client, 

1) No

2) Usually they will send a notice about this and you will have to reply to the notice. 

Thank you

Anik Miu
Advocate, Bangalore
3099 Answers
31 Consultations

4.9 on 5.0

1) There will be absolutely no problem with your father's surname being added to his name, as he already has a PAN registered in his given name.

2) Sale proceeds of the house will not be reflected in 26AS, as it is meant for income earned. Please consult a chartered accountant specislising in capital gains tax to account for the income and assessing the tax liability.

Swaminathan Neelakantan
Advocate, Coimbatore
1296 Answers
17 Consultations

4.9 on 5.0

- Your father should execute an affidavit for removing all types of hurdle , after mentioning that Avnesh Kumar and Avnesh Kumar Srivastava names are same and of one person . 

1. No, he will not face any problem 

2. He can enquire from the office of the Income Tax . 

Mohammed Shahzad
Advocate, Delhi
8498 Answers
92 Consultations

5.0 on 5.0

1. No

2. You need to inquire the same with the department

Prashant Nayak
Advocate, Mumbai
24936 Answers
58 Consultations

4.4 on 5.0

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