Tag: income tax department

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Haryana Revenue Seeks PAN Details for High-Value Property Deals

CHANDIGARH: The Haryana Revenue and Disaster Management Department has instructed all deputy commissioners to submit any outstanding PAN details for high-value property deed registrations statewide without delay. A letter from Sumita Misra, the Financial Commissioner of the Revenue and Disaster Management Department, indicates that the Income Tax Department of the Government of India has requested PAN information for all buyers and sellers involved in deed registrations exceeding ₹30 lakh from the financial years 2019-20 to 2024-25. The department has already made consolidated data accessible through the Web-HALRIS portal, which facilitates deed registration and land records management. Tehsildars are advised to…

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Surat Diamond and Real Estate Group Undergoes I-T Search

SURAT: The income tax department executed a significant search operation at various premises linked to a city-based diamond manufacturer and real estate developer. This group also manages educational institutions across the state and is currently under investigation for undisclosed earnings from their real estate activities. Searches were conducted at over 15 locations in Surat, Mumbai, Bengaluru, and New Delhi. Mumbai emerged as a critical area of investigation, especially concerning the younger owners and partners who have residences and offices there. Several individuals associated with the group are also being scrutinized, including a liaison worker with notable connections to high-ranking politicians…

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Income Tax Raids on Ahmedabad Builders Continue Day Three

AHMEDABAD: The income tax (I-T) department’s ongoing search of real estate groups in the city is now entering its third day. Officials have not disclosed any details about the seizures made, as they are in the process of verifying bank account and locker information, according to sources. On Tuesday, searches commenced at over 30 locations throughout the city, including corporate offices and the homes of key individuals from two groups. These operations were prompted by a decoy sent by the department that confirmed builders were accepting part of the payment for real estate in cash. The searches included corporate offices,…

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I-T Raids on 30 Ahmedabad Sites Linked to Builders’ Cash Deals

AHMEDABAD: The income tax (I-T) department conducted a search on over 30 locations linked to two builder groups. This action was undertaken after a decoy from the department confirmed that the builders were accepting part of the payment for real estate in cash. The searches included corporate offices, construction sites, suppliers, and homes of key officials and promoters, involving over 100 I-T officials, as per sources. “The builders have multiple schemes around SG Road and beyond, and they have been under surveillance since Diwali. Initial findings indicate transactions worth crores have been uncovered,” sources revealed, noting that the search began…

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IT Department Investigates Agra Sub-Registrar Office for Irregularities

AGRA: A five-member team from the income tax department conducted a review of property registration records at the sub-registrar office-II in Sadar tehsil, Agra, on Tuesday morning, according to officials. Sources indicated that the sub-registrar’s office had not been disclosing property registration deeds (sale deeds). Following a thorough examination, actions will be initiated against taxpayers who may have concealed information regarding property transactions. “Transactions exceeding Rs 10 lakh without PAN, and those above Rs 30 lakh, must be reported. Instances of negligence, including underreporting and flawed statements of financial transaction (SFT), have been identified. Land deeds valued at Rs 1,000…

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Income Tax Raids Brigade Enterprises’ Offices

Brigade Enterprises’ shares dropped by as much as 2%, reaching a day low of Rs 868.10 on the BSE on December 15. This followed the announcement that the Income Tax Department had begun search operations at its registered office and other linked locations, which took place from December 9 to December 13. In an official exchange statement over the weekend, Brigade Enterprises confirmed that it and its officers have fully cooperated with the authorities, supplying all necessary information. The company emphasized that its business operations are running smoothly without any interruptions. Currently, the stock is trading at Rs 886, with…

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Maharashtra I-T to penalize sub-registrars for unreported deals

NAGPUR: The income tax department is set to impose significant penalties on property sub-registrar offices (SRO) for failing to accurately report real estate transactions in their financial statements. Investigations at various SROs revealed that transactions totaling approximately Rs13,000 crore were not disclosed in the required format. Registrations of properties valued at Rs30 lakh and above must be reported to the income tax department under the Statement of Financial Transactions (SFT). This marks a rare occasion where a government department penalizes another. Last year, SROs received a penalty notice, but it was for a relatively minor sum. This time, penalties could…

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I-T Flags Unreported Cash Deals in Bihar, Uttar Pradesh

NEW DELHI: The income tax department is scrutinizing cash transactions exceeding Rs 2 lakh in property deals, especially in Bihar and Uttar Pradesh, particularly in areas adjacent to Nepal. Numerous violations have been identified, and sub-registrars have failed to provide the necessary data. This nationwide initiative, following a Supreme Court directive from April, led tax officials to discover instances where entire transactions were conducted in cash. Tax authorities are baffled by the inaccurate reporting from sub-registrars in Bihar and UP. The department has escalated this issue to senior officials in both states, urging them to instruct sub-registrars to share information…

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Fake PANs Help Real Estate Deals Skirt Taxes

MUMBAI: There are concerns that thousands of property transactions nationwide may have escaped the notice of tax authorities. Intentional reporting omissions, along with fictitious or incorrect Permanent Account Numbers (PANs) associated with buyers and sellers in property documents, have allowed many deals to evade scrutiny from the Income Tax (I-T) department. Officials from the investigation wing of the tax office are currently reviewing records from property registrars for verification. Registrars are mandated to report transactions involving properties valued at ₹30 lakh or more. In some instances, parties, in collusion with certain registrar officials, have ensured that transactions remain unreported or…

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Tax Dept Investigates ₹28,000 Crore Property Deals in Manesar

GURUGRAM: An I-T department survey has revealed considerable shortcomings in the documentation of property transaction records at Manesar tehsil, raising alarms over possible large-scale tax evasion. Over the last five years, property transactions worth approximately Rs 28,000 crore have been registered at this tehsil. However, it was found that the Permanent Account Number (PAN) of buyers and sellers, which is mandatory for transactions exceeding Rs 30 lakh, was absent from the records. The survey, conducted by a team of ten members over 24 hours, highlighted that the registration software at the tehsil failed to capture vital PAN details, despite regulations…