New Delhi, April 18 (PTI) The income tax department today said it will review the property deals in Delhi in its attempt to unearth black money and will take action against those who are found evading taxes.
"Property deals involving individuals and corporates will be reviewed (in Delhi) and will take action in appropriate cases," Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra told reporters here.
The income tax department has been tightening the noose around those who invest black money in immovable properties and have been evading capital gains tax.
The department had carried many search and seizure operations in the National Capital Region to review most of the property deals in the the past five years.
Incidentally, the CBDT''s comments came on a day the Delhi Development Authority carried out the biggest draw of lots in its history under a new housing scheme and unveiled the names of over 16,100 lucky applicants who have been alloted flats.
Reacting to the CBDT remarks, Confederation of Real Estate Developers Association of India (CREDAI) Chairman Pradeep Jain said, "We welcome the government''s step to scrutinize the black money transaction in real estate. The move will help the sector in changing the perception. We are already working on brining transparency in every area." PTI NKD MJH KKS CS NS
"Property deals involving individuals and corporates will be reviewed (in Delhi) and will take action in appropriate cases," Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra told reporters here.
The income tax department has been tightening the noose around those who invest black money in immovable properties and have been evading capital gains tax.
The department had carried many search and seizure operations in the National Capital Region to review most of the property deals in the the past five years.
Incidentally, the CBDT''s comments came on a day the Delhi Development Authority carried out the biggest draw of lots in its history under a new housing scheme and unveiled the names of over 16,100 lucky applicants who have been alloted flats.
Reacting to the CBDT remarks, Confederation of Real Estate Developers Association of India (CREDAI) Chairman Pradeep Jain said, "We welcome the government''s step to scrutinize the black money transaction in real estate. The move will help the sector in changing the perception. We are already working on brining transparency in every area." PTI NKD MJH KKS CS NS
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