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…