After its strategic move against black money, the government may now be looking to crackdown on benami properties. According to sources, sub-registrars in the state have been asked to list out details of all high-value transactions (above Rs.30 lakh) since 2006. The government is looking to crack down on all benami properties that are incongruous with declared income, a revenue department source said, and to begin the process, these details have been sought to be shared with the income-tax (I-T) department.
The stamps and registration department claimed it was routine to send out a report on all high-value transactions to the income tax department. This is also shared with other agencies such as the Lokayukta. The I-T department may also procure specific data on individual cases as per its requirement.
“Although it’s routine, a directive coming at this point is strange. We have started preparing the list. We don’t know if this has been sought from other sub-registrars too,” a senior official from a city sub-registrar office told Bangalore Mirror.
Over 5,000 such transactions are reported from across the state every day (at least a 1,000 from Bengaluru). With a target of over Rs.9,100 crore for this fiscal, the department of stamps and registrations is one of major revenue generators for the state, and the ideal place to assess investments made through undeclared income (through land, gold, etc.), explained the source.
“The purpose of collating this information is firstly, to ascertain if there is an anomaly in the income declared, and secondly to crackdown on benami properties. Once the high-value transaction list is drawn, every individual’s income will be assessed. If the same doesn’t match with the property in his/her name, an explanation will be sought,” the source explained.
The exercise was to scour for properties held in names of small-timers but actually belonged to someone else. For corrupt government servants, this could be trouble, he added. “We have examples where domestic helps, are owners of huge lands and complexes, which actually belong to their employers,” the source said.
Credits Bangalore Mirror