capital gains tax: Computer notice to 850 for non-payment of capital gains tax | Patna News

PATNA: The Income Tax (IT) department notified 850 landowners in and around the state capital of evading capital gains tax and asked them to file returns by March 31 this year, Senior Chief Income Tax Commissioner (Bihar & Jharkhand) KC Ghumaria said on Saturday.
He said landowners in both states had signed development agreements with builders to develop residential complexes or shopping malls on their plots, but were not paying “capital gains tax” accumulated on the areas. developed. “This practice of tax evasion is more prevalent in and around Patna. It has led to tax evasion estimated at around Rs 1,000 crore in the urban areas of Patna district alone,” Ghumaria told a conference. Press.
He said that the Income Tax Department recently collected documents of 1,558 development agreements between landowners and developers from the offices of various sub-registrars (land registration) in Patna district. In over 95% of cases, capital gains tax was not paid by landowners, although developers paid taxes in most cases.
He said that these 1,558 agreements are linked to lands in and around Patna and its neighboring towns like Danapur and Bihta. Of the 1,558 agreements scanned, income tax notices were served on 850 landowners asking them to file capital gains tax returns by March 31 of this year.
Ghumaria said a similar exercise to collect development agreements was underway in Muzaffarpur, Gaya, Bhagalpur, Darbhanga, Ranchi, Jamshedpur, Dhanbad and Hazaribagh. “Cases of capital gains tax evasion by landowners have been detected in these towns as well, but details are still being compiled,” he said.
The main CCIT also said that the Center has set an income tax collection target of Rs13,200 crore in the 2017-2018 fiscal year from Bihar and Jharkhand. “About Rs 9,000 crore because income tax has been collected so far,” he said.

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