Property Rent Concept- Aadhar Enable Integrated Rent Agreement/Police verification Concept Process

     

India First

Regularizing House / commercial property Rent Concept framework in India to reduced black money- 

Potential of Development-India 

Aadhar Enable Integrated Rent Agreement/Police verification Concept  Process

Inputs for Centralized software – UIDAI / Aadhar/Income tax dept./ Ministry of finance/ 

Department of revenue 

Say No to Black Money

Previous Reference

PMOPG/E/2017/0365989- Rent concept- Aadhar 

CBDT- Central Board of direct Taxes (Income Tax)

The issue raised in your grievance pertains to Policy matter. Your grievance is being forwarded to JS, TPL-I, RNO: 148-A, Ministry of Finance, Dept of Revenue, North Block, New Delhi -110001, Tel: 011-23092988, for further necessary action.

Key Points/ Observation

• People give house and shops for rent are not showing their income to to save the income tax and whole money goes in to black money a/c. if person ask of PAN CARD they ask for extra money .
• People are not showing their rented income to save the income tax and whole money goes in to black money a/c.
• It is observe that if people asking for PAN card detail for rent more that 1 lack 80 thousand then normally owner demanding extra amount of 10 %
• Dalal are increasing cost of living – Public are looking for dalal free system
• Police verification should be ticket base system and should be user friendly, Normal public should not be harassed by any verification process.
•  Rent  and other charges structured are not fixed like actual rent , maintenance, water charges, light charges, security guard, any colony charges, cleaning  light bill  

Revenue to Government of India

Fees to Hosting Body: 

·        Maximum Rs1/-  charges for Aadhar enable service from this software each transaction.

Benefit to Public & Government of India

·        Estimated earning for Hosting government body like income tax / UIDAI. for this service, Approximate 1000+ cr. in Year and approximate 5000 + cr. income from extra tax collected from undeclare income by House/ Shop/ commercial complex owner.

·       Government Income Increase

·       Collected Income can be used for development of particular area roads / light / water /hospital/ employment /education government school development etc

·       Black money Involvement will reduced

·       Tractability will in increase

·       Public will get corruption free/dalal free environment

Suggestion inputs for Centralized software – UIDAI / Aadhar/Income tax dept./ Ministry of finance/ Department of revenue

This system will enable finding undeclare income by people who are earning from rented and leasing property.

Linking rented property income to PAN + Aadhar + Form 26AS. 

Rent agreement Must contain

1. Witness

2. First party

3. Second party Aadhar biometrics e-validation

• PAN card mention should be compulsory irrespective of rent. Even though it is 100 Rs only.
•        PAN CARD number must have to be mention by property owner to give property on rent irrespective of rent amount. Failure to this function Owner may lose their property if third party creating an issue.
• online government portal required for approval of police verification, rent agreement , secure portal should require login ID & password for taking approval.....this is really good idea to track income from rent. also I would like to say PAN CARD , Passport should be use for User ID in this portal
• If Framework rules are fixed for rented property black money involvement will be reduce.

• PAN CARD number must have to be mention by property owner to give property on rent irrespective of rent amount. Failure to this function Owner may lose their property if third party creating an issue.
• People need to e register on government sites for Police verification, there should be attachment option online for document attachment like scan copy of rent agreement should be submitted on submitted by Property owner (Say for example Income tax site).
• To avoid corruption in this process this process should be time bonded law ( say for example 3 working days) if verification process say fail then complete detail should be filled by inquired person with his employment detail , consecutive fail 3- 5 case in month may cause need to  investigate about inquired by person
• Mentioning Aaddar Card Number/ voter ID/ Passport Number/ Licence on rent agreement for better tractability

Pre-requisites

1.      Aadhar and Pan Card Number of Landlord, tenant and two witnesses.

2.     Biometric thumb scanner

3.      Windows 7 or above laptop.

Enter Information on Parties like, Land load, Tenant and Identifiers.

Important information for agreement,

1.      Agreement period.

2.     Duration

3.      Rent - One can have varying rent is tenure is more than 11 months

                                                    i.     Tenure can be up to 60 months

                                                  ii.     Usually 5-10% is increased in rent after each year.

1.      Notice Period - This is period either of the party give to other party while vacating the premises. If Tenant give notice, then he must vacate in that period or vice versa. If notice period is not served even them the rent of that period has to be paid.

2.     LockIn period - This period is locked period one can nt give notice for vacating the premises in this period.

3.      Maintenance Clause - This clause will decide who will pay the maintenance

Removing Broker Dalal / only Government Driven Portal Needed

But these references are like again broker / Dalal system by private parties. Government driven portal is needed.

Benefit

• This system will enable undeclare income by people who are earning from rented and leasing property.
• Government Income Increase
• Collected Income can be used for development of particular area roads / light / water /hospital/ employment /education government school development etc
• Black money Involvement will reduced
• Tractability  will in increase
• Public  will get corruption free/dalal free environment. 
• Transparency in system will increase

Government  Initiatives
Model Tenancy Bill
https://economictimes.indiatimes.com/wealth/real-estate/model-tenancy-bill-how-it-benefits-tenants-and-home-owners/articleshow/70407797.cms?from=mdr