Benami Property Transactions on I-t radar

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With the validity date ended on Friday for normal exchange of old currency notes, the income tax (I-T) department is working on ‘property index cards’ featuring high value realty transactions in the past three years. They’ve also outlined stringent action against those reportedly having deposited unaccounted old currency in someone else’s bank account. Officials are believed to have directed property dealers and registration authorities to give lists of top property deals in descending order of valuation over three years in chartered accountant firms in mumbai
“Tackling benami (property officially in someone else’s name, to avoid tax) properties and transactions is one of our key items. On the basis of information on property transactions and bank deposits, we have decided to probe such cases under the newly enforced Benami Transactions Act,” said an I-T official. The Act allows violators to be sentenced to a term of up to seven years in jail. “Benami amounts in a bank account will be confiscated and the violator also be liable to a fine which extends up to 25 per cent of the fair market value of a benami property,” the official added in tax consultants in India

Original Article: http://bit.ly/2efTXm0

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