Black money done, IT dept to come down on benami properties next

The Income Tax department has started to narrow down on benami properties near the National Highways. Sources in the I-T department confirm that they are investigating land deal transactions near Delhi-Agra, NH-24 and Kondli-Maneser-Palval expressway (KMP). In this probe, some of the transactees have been instructed to visit the I-T office, to explain their source of income.

Since July this year, the I-T department has been collecting data from local development authorities for the last seven years. It has sent a notice to all local development authorities and has asked for names and addresses of people in whose case the approvals for properties have been done by the local authorities along with the area of property with dates effective from April 1, 2009. 

A senior I-T official said to DNA on condition of anonymity that this “collected data is being used to identify the real owner of benami properties.” 

Speaking on how the I-T department defined benami assets, the official said. “Benami can be both a movable and immovable asset. Benami property is defined as an asset, where person who pays for it does not do so under his/her own name. Most people think it only relates to real estate but benami property includes assets such as gold and financial securities as well.”

To curb benami, government officials said it has issued provisional orders to attach properties worth Rs 18,866 crore for offences under the Money Laundering Act. It has also taken a host of initiatives, including effective enforcement of law, to curb the menace of money laundering in the country.