Dual Pan card

Hi, I have taken a Pan in 2011 starting in B series and have take loans up to 35 Lakhs  and been paying them promptly till date. In 2016 I have lost my Pan so approached a agent who mis guided me to apply a new Pan for more eligibility and I have also applied and got a C series Pan also taken 10 Lakhs loan on it which Iam planning to continue from now by linking Aadhar. My question is can I surrender my Old Pan? I will still continue to pay those emis on time on that pan? Will IT consider to take it for surrender or will they create an issue along with the Bank which gave the loan in the old Pan? Please advise.
Thanks
Ram

Rampe Asked on August 31, 2017 in Taxations.
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1 Answer(s)

Hello Mr. Rampe

A individual can have only one PAN and if by mistake you got another , you should surrender immediately. Regarding Loan its not on PAN , but given to a person.  Bank has given loan to you rather to specific PAN . You should come clean by clearing the mistake and submit again KYC at bank also for the error done

TaxIQ Answered on September 1, 2017.
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