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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.
“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.
Sources say the plan was prepared under the supervision of the Central Board of Direct Taxes (CBDT), in meetings just before the demonetisation drive came to an end. This was the first such since November 8.
Based on inputs from financial intelligence units and banking channels, the department has decided to do surveys and searches in instalments. Initially, they will go after the individuals who have deposited more than Rs.50 crore since November 1.
Business Standard New Delhi,31st December 2016

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