The Property registration above Rs. 30 Lanks under Income Tax Scanner.
The Income Tax Department is matching the “tax profiles” of all the property having Rs.30 lakh above registration under the provision of Benami Transactions (Prohibition) Amendment Act, 2016.
This action is set to intensify against the illegal property holdings.
The Chairman of Central Board of Direct Taxes (CBDT) Sushil Chandra reportedly said that the taxman is also investigating those shell companies and their directors whose operations were recently “debarred” by the government as part of the drive to check black money generation through their abuse. He also added that “We get this information under the law. If these profiles are found suspicious or incorrect, action will be taken (under the Benami Act),”
The I-T department recently reported that till now, Taxman attached 621 properties which represent illicit belongings comprising of some bank accounts. About Rs. 1,800 crore total amount involved in the case as being probed under the Benami Transaction Act
This move from the part of government is viewed as good initiative to destroy all instruments that are used to convert black money into white. Also the department is looking for the matching profile of all illicit property which has a registry value of above 30 lakhs.
After the introduction of demonetisation of Rs.1000 and Rs.500 currency from circulation and replacing it with a new currency. The highest value notes on circulation time got banned and warned the people against depositing their unaccounted banknotes in accounts maintained by someone else.
Such an act, it had said, would attract criminal charges under the Benami Property Transactions Act, 1988, applicable on both movable and immovable properties.
Under the new Benami Transactions (Prohibition) Amendment Act, 2016 from November 1 last year,
the law provides for a maximum punishment of seven years in jail and a fine.
