IT dept to track high value property transactions in state

IT dept to track high value property transactions in state

DEHRADUN: Income Tax (IT) officials have embarked on an exercise to identify high net-worth property transactions in Uttarakhand by both private individuals and government officials and match their purchase with their IT returns to trace out the black money flow into the real estate sector.

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IT department sources said that they have zeroed in on about 100 such property transactions in the entire state over the past few months. “We are compiling a list of such cases where the source of high-value property doesn’t match with the IT returns filed by the buyer,” said a senior IT official. Notably, IT sleuths had surveyed a Doon-based businessman last week and found properties worth Rs 2 crore for which no legitimate source of funds was found. Sources said that the department is planning to levy a penalty of over Rs 80 lakh on the businessman.

Apart from high-value property transactions, the IT sleuths are also checking for revised income tax returns filed by traders and businessmen in Uttarakhand. In the post-demonetisation scenario, an IT official said, many traders and businessmen had revised their returns which needs to be probed.

 

Source by indiatimes…

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