Black money invested in properties will now be monitored closely by the Income Tax department. In a bid to stop black money accumulation in properties, the department has asked registrars, sub-registrars and inspector generals of property registration in the state to ensure that PAN numbers of each person buying property is sent to the department. Such details were reportedly not being sent regularly to the department.
“This will eventually lead to better monitoring of properties and help find those stashing unaccounted money in properties,“ said an I-T official. The department has already received declarations about the `benami’ properties from investors in the state. But it believes that there are several other investors who have not declared properties under Income Declaration Scheme.“Those who have not declared `benami’ properties will have to face the consequences now,“ said the official.
Bartaman Patrika epaper 14-11-2016: http://epaper.prabhatkhabar.com