IT Dept to probe real estate companies in capital

New Delhi: Now Delhi based real estate companies are under the scanner of IT dept due to some irregularities in property transactions, tax evasion and black money flow in the sector.
Central Board of Direct Taxes chairman Sudhir Chandra said in media conclave that “from now onwards in capital almost every deal in real estate sector will be evaluate by IT dept and take actions in suitable cases,” he added that these investigations is for both the type of transactions such as individual and corporate property transactions in Delhi and the National Capital Region (NCR – Noida, Gurgaon).
As per the several recent surveys conducted by the departments and that cites that there is huge unrevealed income by the real estate companies. The income tax department has conducted the number of investigations in the entire country in real estate sector and that includes Lodha group, BPTP, Kanakia Group, Paras and Amrapali group, among others on charges of alleged tax evasion or misreporting of income. As per reports made by the intelligence department of the finance ministry, highest unrevealed money in the real estate companies in 2009 is approx Rs.2000cr.