IT Dept. had about
60,000 immovable property transactions involving nearly 1,77,630 sellers with
details..!
In a different case
of retrospective move, the India Income Tax (IT) Department has decided to
initiate action against the sellers of immovable property right from 2006 if
they fail to pay capital gains tax or / file their returns showing the correct
capital gains income before the end of this March (2013) month.
The department on
recently said it had data regarding about 60,000 immovable property
transactions involving nearly 1,77,630 sellers with details including name
& addresses of the seller as well as the purchaser along with the date of
registration, sale consideration among others.
"It was noticed
that many of the sellers have not filed returns of income in spite of having
taxable capital gains on these transactions in immovable (that is land, building
etc..!) properties.
Mr. P Madhu,
Spokesperson for the Chief Commissioner of Income Tax, Hyderabad said in a
statement, ''In respect of returns filed, it is further noticed by the IT
department that that the assessees have not adopted the value assessed by the
sub-registrar for the purpose of stamp duty levy as the sale value as required
under Section 50 C of Income Tax Act,"
Such assessees now
have to revise their returns immediately & pay the taxes. According to the
provisions of the IT Act, penalty equivalent to tax may go up to 3 times,
particularly if the capital gains on the land transactions are not correctly
disclosed. Non-payment of tax on such income would also invite prosecution
under the provision of the Act, he also said.
The IT department had
collected the data from the state registration & stamps department, and
verified with returns data available with it. Capital gain Tax is payable on
sale of agricultural lands also if they are situated within the specified
distance from the municipal limits, according to the statement.
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