Demonetisation: IT surveys real estate firms in Delhi-NCR

Officials said the department conducted the exercise on at least four such entities in the Delhi-NCR region and visited over half-a-dozen premises.

By: PTI | New Delhi | Published:November 16, 2016 9:49 pm
Demonetisation, Demonetisation effects, IT, Income tax, Income tax department, IT demonetisation, Real estate, NCR region, Delhi-NCR demonetisation, india news, indian express news When contacted, real estate firm Amprapali Group called the I-T operation a routine exercise.

The Income Tax department on Wednesday surveyed some real estate players in the national Capital region to check reports of alleged profiteering and tax evasion by these entities while converting the recently demonetised currency notes. Officials said the department conducted the exercise on at least four such entities in the Delhi-NCR region and visited over half-a-dozen premises. They said the tax sleuths made an inventory of cash and sale documents at these locations and checked sale documents.

Officials added the department also scanned some records of some previous sales made and have asked the officials of these firms to produce the records at a later stage.

When contacted, real estate firm Amprapali Group called the I-T operation a routine exercise.

“A team of tax officials have visited our office premises and they are inspecting the company books and accounts. It is a routine exercise done by them,” Amrapali Executive Director Shivpriya told PTI.

Asked whether the survey was linked to the illegal usage of demonetised Rs 500 and Rs 1,000, Shivpriya said: “We sell affordable homes which are largely funded by customer home loans. I-T officials have not found any cash.”

Another group and real estate brokerage firm called it a “normal” operation.

“They (tax officials) came to check if we are accepting cash or not. We are doing legal business. We deal in primary market where there is no cash,” Investors Clinic Infratech Private Limited Founder and CEO Honey Katiyal said.

Under the survey action, the tax sleuths visit business premises of the trader/operator and make analysis of the available stock and record it, whereas under search operations both residential and business premises are visited by the taxman.

The department, since last week, had detected unexplained cash and sales worth Rs 100 crore in a similar crackdown by traders, jewellers and other operators while converting demonetised currency notes.

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  1. J
    Jiho Junket
    Nov 16, 2016 at 8:05 pm
    So you want 50 years davings in cash in one day?
    Reply
    1. N
      Navan
      Nov 16, 2016 at 6:38 pm
      The mega thieves, robbers, and criminals of the mega Corrupt Party, headed by Italian Madam, are big losers. That is why they are opposing government move against black money.
      Reply
      1. A
        Ahuja
        Nov 16, 2016 at 7:42 pm
        Modi Government did nothing in Adarsh Real estate scam so don't expect anything from them. They are good to go after 99 percent potion which has hard earned saving from 50 years.
        Reply
        1. A
          aks
          Nov 16, 2016 at 6:33 pm
          Modi should also go after the big sharks in the real estate business who are at the centre of black money economy.
          Reply
          1. A
            ashok s
            Nov 16, 2016 at 11:36 pm
            Just show off . the big cronies already have done their clean up. Refer SBI report the info was leaked. Its bharat leak after panama leak
            Reply
            1. S
              surveyit
              Nov 16, 2016 at 6:07 pm
              Gujrati taking on delhi punjabi businesses?lt;br/gt;Funding of gujrat bullet train?
              Reply
              1. D
                dd
                Nov 16, 2016 at 10:10 pm
                Looks like all media tired of reporting Opposition parties...Now they knew the mood of country men....
                Reply
                1. S
                  stranger
                  Nov 16, 2016 at 11:35 pm
                  those who oppose any anti-corruption drive are enemies of the nation and should suffer the fate of high traitors and you know what it is.
                  Reply
                  1. H
                    hameed mohamed
                    Nov 16, 2016 at 5:37 pm
                    there is a supper easy way to bring all the cash into the banking system just reduce the income tax to 2 percent and every business will put the money in the abank very happy to pay the income tax the total revenue will be more than what present recenue collection islt;br/gt;property registration fee must also be very nominal so that there must not be black money involved to avoid fee benefit and see the economy who it grows the present way will effect the retail market and slowly reduce tourist industries and hotels textile entertainment industris which give a lot of tax to the govt without blakc maoney these industry will fail to exist
                    Reply
                    1. R
                      Rahul
                      Nov 16, 2016 at 9:35 pm
                      1 yr old Reliance Defence to get major chunk of GOI's 58kCr bounty for 36 Rafale planes! Now we know who swung deal! Nowhere in the world 1 yr old company gets such a mive contract! "secret deal"?
                      Reply
                      1. M
                        Mahender Goriganti
                        Nov 16, 2016 at 9:19 pm
                        Best things out of demonetization to come is not limited real estate, but all goods as honest money and poor need not compete with back and fake money and horders with a lot of it. this bit of discomfort, once in a life time is nothing when one compares it to amount of time one wastes on Bollywood movies and crecket, etc
                        Reply
                        1. M
                          Mahender Goriganti
                          Nov 16, 2016 at 8:49 pm
                          If one looks at all these mad dogs barking in the parliament, noticed it is all about them and their goons nothing to do with Am admi except as a smoke screen with outright lies about their hardship.
                          Reply
                          1. M
                            Mahender Goriganti
                            Nov 16, 2016 at 8:49 pm
                            If one looks at all these mad dogs barking in the parliament, noticed it is all about them and their goons nothing to do with Am admi except as a smoke screen with outright lies about their hardship.
                            Reply
                            1. M
                              Mohan
                              Nov 16, 2016 at 11:42 pm
                              Enemies of Nation are in Power looting the country in the name of Demonetisation. 99 Percent Indian don't have black money while those who fund Modi's 2014 Elections are the once with Black money.
                              Reply
                              1. C
                                comet
                                Nov 16, 2016 at 8:08 pm
                                all this is drama to satisfy bhaktas. once the 2000 rupees is there in circulation, what can stop the builders again from asking the cash?
                                Reply
                                1. D
                                  David
                                  Nov 16, 2016 at 6:48 pm
                                  Builders are the biggest crooks, criminals and supari killers and horders of cash. All of them should be thoroughly investigated. Eg. Trying buying a house/flat with check payments. It won't happen. People should be outraged and support the government. And stop cash payment. You will save a whopping 20 percent. Right now you pay about 40 to 50 percent in cash.
                                  Reply
                                  1. R
                                    raj
                                    Nov 21, 2016 at 5:51 am
                                    70 percent of real estate is black money and a honest govt employee has n no problem to purchase a simple 1BHK flat in a metro !!! govt has to check benami transactions/registration, house to house income tax checks and tax on numerous ill gotten properties !!!!!!!!!!!!!!!!!!small ex:- a general physician @ rs700/- consultation in clinic with avg 200 patients earns/where is tax ??????
                                    Reply
                                    1. R
                                      Ram
                                      Nov 16, 2016 at 5:53 pm
                                      Ban property and gold/jewelry transitions using cash. Make check/plastic transitions mandatory. It is time to ban all currency above RS. 100. That will force many to use check/card. Poor anyway can use RS. 100, 50 etc. as they don't have much to carry in suite cases! Such action will make NaMo unpor with many who indirectly contribute to black market, and super corrupt like Mamata,Maya, his, Kejirwals etc. may even may go on hunger strike to oppose such move which stops suite case cash transitions, buying votes, MLAs etc. but majority of people will back Modi. What is daily earning of an average Indian? I am sure RS. 100 rupee cash even a bundle of ten is ok to carry.
                                      Reply
                                      1. S
                                        Second Opinion
                                        Nov 16, 2016 at 9:24 pm
                                        Just a thought. One option to eliminate black money in real estate transactions is to reduce the taxes/stamp duty that is levied on them. That way, there is no incentive for the seller/buyer to under-evaluate the value of the property. The lost revenue can be recovered by the govt by increasing the annual taxes on that property; there is no way the owner can dodge the property tax.
                                        Reply
                                        1. S
                                          Shekhar
                                          Nov 16, 2016 at 5:54 pm
                                          kindly also check the affordable housing projects..much black money is involved and being taken from every customer..
                                          Reply
                                          1. S
                                            SS
                                            Nov 16, 2016 at 6:12 pm
                                            Opposition - please stop shedding crocodile tears and ask Vadra to stand in line with other Mango People.
                                            Reply
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