DEHRADUN: The Income Tax department sleuths are “scrutinizing” all the high-value property sales in the hill state to keep a tab on the flow of black money, a move that comes close on the heels of reports that the scrapped currency is being pushed in the real estate.
The Income Tax officials have put both the builders and the Jan Dhan account holders under the scanner. IT sources told TOI that there have been reports that some builders were accepting the demonetised currency for booking of flats in their projects and then the money was being exchanged through conduits using the Jan Dhan accounts. “There are reports that certain builders are accepting old currency for the booking or sale of the property. The records of the registry of high-value flats or floors and lands are being scrutinized to detect defaulters,” said a senior IT official, on the condition of anonymity.
Uttarakhand has 20, 83, 527 Jan Dhan accounts in which 977 crore is deposited. The IT sleuths are mainly scrutinizing the accounts in Dehradun, Haridwar, Roorkee and Udham Singh Nagar where the real estate industry is thriving. The tax sleuths suspect that the builders offered to exchange the demonetized money at a cut and then got the entire money exchanged using the conduits. For exchanging the demonetised notes the builders could have used the construction labourers.
IT sleuths are also monitoring all the Jan Dhan bank accounts which witnessed a flurry of cash deposits in old currency. “These accounts (Jan Dhan) are being scrutinized and the link of fund-source would be tracked to know the actual depositors,” said the official.
Credits ET Realty