Black money in Realty deals under I-T scanner

In an attempt to intensify vigil over unaccounted black money floating in the system, the real estate deals of huge amount will be tracked by the Income Tax department. The crackdown by the department will not only cover real estate firms, corporate, HNIs (high net worth individuals), but also other realty buyers.
The Central Information Branch (CIB) that maintains the database on high value transactions is keeping close eyes at high-value real estate deals. It is also reported that the I-T department is tracking funding sources of real estate developers, considering the black money component of the investments in the sector.
The Income Tax department estimates that in most property deals in cities like Mumbai, Delhi and Bangalore around 40-60 per cent of the transaction value goes unaccounted. This helps both the buyer and seller evade huge amounts of tax.
 

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