Tag: income tax department

Latest StoriesRegulatory

Nagpur: I-T Dept Discovers Selective Realty Deal Under-Reporting

NAGPUR: The income tax department has identified a distinct pattern of underreported transactions by the property sub-registrar offices (SRO) in the area during its ongoing investigation. It has been specifically observed that transactions involving a select group of builders in the city were not completely reported in the Statement of Financial Transactions (SFT). Sources indicate this trend has been recurring. The SFT is designed to ensure that every SRO reports property deeds registered for amounts of Rs30 lakh and above to the Income Tax department. This allows them to cross-reference these with the tax returns filed by buyers and sellers.…

Latest StoriesRera

Haryana RERA Directs Builder to Refund Cash, Alerts I-T Dept.

CHANDIGARH: In an effort to combat black money in the real estate sector, the Real Estate Regulatory Authority (Rera) Haryana has started referring cases involving cash transactions exceeding Rs 2 lakh to the income tax department for further investigation. Recently, the Panchkula bench of Rera Haryana mandated a realtor to reimburse Rs 10 lakh received in cash from a buyer for a flat in Panipat, plus Rs 7.73 lakh in interest at an annual rate of 10.9%. The buyer, Jasvir Singh from Panipat district, lodged a complaint against Real Heights Developers, substantiating his claim with comprehensive financial records and a…

Latest StoriesRegulatory

Income Tax Dept. Spots Reporting Gaps in Property Sales

NAGPUR: The income tax department is seeing an increasing number of tax evasion petitions (TEPs) concerning undisclosed property transactions. Officials say that underreporting by land registrar offices may be contributing to defaulters hiding these deals. TEPs, which are formal complaints from the public about tax evasion, have drawn attention to the failure to disclose significant property sales in tax returns. Reports indicate that around 20% of these petitions relate to such issues. Investigations have substantiated several allegations, resulting in the imposition of capital gains tax. In some instances, transactions were carried out entirely in cash. Land registrars, governed by the…