I-T dept sends notices to 2,000 property sellers who took coins above Rs 5 lakh

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To start with, we have sent notices to the one’s assets customers and sellers who paid or acquired Rs five lakh and above in coins. Once we settle these cases, we will consciousness on those violators who had paid or acquired cash underneath Rs five lakh,” the legit told newsmen.

New Delhi: In a chief crackdown within the real property quarter over the exchange of cash above Rs five lakh, the Income Tax Department (I-T) has despatched notices to about 2,000 belongings dealers.

These 2000 people allegedly sold their property among June 2015 and December 2018 and took Rs 5 lakh or above in coins, stated a senior authentic.

 

“To begin with, we’ve dispatched notices to the one’s assets customers and dealers who paid or acquired Rs 5 lakh and above in cash. Once we settle these instances, we will cognizance on the one’s violators who had paid or received cash under Rs 5 lakh,” the authentic instructed newsmen.

In 2015, Section 269SS of the Income Tax Act added some adjustments for the realty region to lower generation of black money.

According to the Central Board of Direct Taxes (CBDT), any transaction in real property, inclusive of agricultural land, needs to be made via account payee cheque or real-time gross agreement (RTGS) or electronic budget switch if the amount is Rs 20,000 or above.

If a transaction is achieved in coins from June 1, 2015, onwards, then a penalty of an equal amount identical beneath segment 271 D of the Income Tax Act can be imposed on the seller who accepts cash.

On January 19, ANI reported that the Income Tax Department will soon start a big power towards such property sellers.

Officials visited all 21 sub-registrar workplaces within the national capital and scanned all property registries from June 1, 2015, to December 2018 which confirmed cash bills of above Rs 20,000. This is the most important evidence of law violation.

Notices had been sent to both sellers and consumers. “We may also ask the source of money with consumers,” said the reputable.

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