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IT Department shifts focus to Amaravati
By: Tupaki Desk | 28 July 2016 11:44 AM GMT
Land Registrations in & around Amaravati picked up ever since State Government declared it as the new capital of Andhra Pradesh. Most of the transactions have been in crores but the registration fee paid to the Government is minimal. Several Land Owners have sold out their plots to be in a safe zone. Real Estate Businessmen who purchased these lands and sold out for higher prices to pocket hundreds of crores profit have been in the IT Radar.
Income Tax Department has gathered the required information regarding the registrations in Amaravati. Sooner or later, IT Raids might take place at the offices of these Real Estate Firms.
Doubts have been expressed on nominal Registration Fee of Rs 3 lakh for the land worth over 1 crore. IT Department also collected information about the Benamis of few Ministers for involvement in purchase and sale of lands in the AP Capital.
The response for Centre's IT Returns scheme 'IDS' is poor. IT Department might conduct raids after July 31st on those individuals and firms evading tax.
Income Tax Department has gathered the required information regarding the registrations in Amaravati. Sooner or later, IT Raids might take place at the offices of these Real Estate Firms.
Doubts have been expressed on nominal Registration Fee of Rs 3 lakh for the land worth over 1 crore. IT Department also collected information about the Benamis of few Ministers for involvement in purchase and sale of lands in the AP Capital.
The response for Centre's IT Returns scheme 'IDS' is poor. IT Department might conduct raids after July 31st on those individuals and firms evading tax.
