Notice Issued Against Undervalued Property Deals
The income tax department has sent notice to property buyers and sellers who undervalued property deals to evade stamp duty and capital gains tax.They came across nearly 80,000 cases of people undervaluing their property.
The scrutiny process began last year with I-T commissioner, Central Information Bureau, writing to the inspector general of registration (IGR) seeking help to stop revenue pilferage from small-value property transactions.
I-T sleuths had joined hands with the stamps and registration (SR) department to scrutinise property deals worth Rs 5 lakh and above.According to officials in the SR department, details of all property deals are being furnished to the I-T department, irrespective of the Rs 5 lakh ceiling.The Central Board of Direct Taxes, under the union finance ministry, had asked sub-registrars to furnish details of high-value transactions (Rs 30 lakh and above) to prevent evasion.
However, Karnataka started sharing details even of property deals that were below the Rs 30 lakh ceiling. Income tax department hopes to bring in nearly Rs 100 crore into the government kitty.
I-T Notices have been sent to each one to pay the difference in capital gains tax or stamp duty/registration value based on the property value shown in the sale deed vis-a-vis guidance value.
Source: Bangalore Mirror
80000 cases of undervalued property deals, Bangalore, evade stamp duty and capital gains tax, I-T slaps notices, Income Tax Notice, Karnataka, Notice against property owners, Undervalued Property Deals
