New Delhi
After note ban, the government has started a massive crackdown against benami property across the country. More than 200 teams of the Income Tax department are involved in the exercise. According to an estimate, nearly 30% of all properties in the country are benami.
As a first step to locate the real owners, the income tax officials are investigating the land near the highways in major cities. This apart, the department is trying to find out the real owners of land and houses in the VIP areas of the major cities. Commercial and industrial plots, and the shops in prime locations are also being probed. The probe is targeted at the real owners of these prime properties.
It has come to the notice of the tax officials that many deals were done after the note ban. Some properties were bought with undisclosed income in banned currency, while some deals were done bribe money. A case has come to light where a property has been bought in name of a CA. Many benami properties have been unearthed in Delhi's Lutyen Zone.
The tax department has also sought details from various government agencies about the Govt property, and which of these are in possession of the government departments and on which there is illegal possession.
Those on the wrong side of the law, will be punished under the Benami Transaction Act 2016, which has a provision of a 7-year jail term apart from monetary penalty.
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