Properties registered above Rs 30L under I-T lens

Properties registered above Rs 30L under I-T lens

The Income Tax Department is matching the "tax profiles" of all property registrations of above Rs 30 lakh under the provisions of the anti-Benami Act, as action against illicit asset holders is set to intensify, the CBDT chief said on Tuesday.

Central Board of Direct Taxes chairman Sushil Chandra said the taxman is also investigating those shell companies and their directors whose operations were recently "debarred" by the government as part of the drive to check black money.

Chandra said that till now, the taxman has attached 621 properties, including some bank accounts, and the total amount involved in these cases is about Rs 1,800 crore.

"We will destroy all instruments that are used to convert black money into white. This also includes shell companies. Also, the department is checking the income tax profiles of all properties which have a registry value of over Rs 30 lakh.

"We get this information under the law. If these profiles are found suspicious or incorrect, action will be taken (under the Benami Act)," Chandra said.

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