Income Tax Department tightens the noose on capital gains tax evaders

Indore: The income tax service will tighten the stranglehold on those who escape capital gains tax. To verify this, the department requested information on the 2016 real estate property registers from the state government. Speaking to the media here on Tuesday, Senior Chief Income Tax Commissioner Ajay Kumar Chauhan informed that he had written to the Inspector General (IG) of Registration and Stamps, requesting copies of statewide real estate registers conducted from 2016. In such transactions, 1% TDS on the sale of the property valued at Rs 50 lakh above is deposited at the time of holding the register, but the seller avoids paying the capital gains tax, which is an offense under the Computer Law of 1962.

Speaking about the Indore region, he said that we have traced 408 cases of real estate sales in the 2018-19 fiscal year. In 68 cases, ITD found that the property sellers failed to file the returns. He said notices will be served on anyone who has escaped capital gains tax. Likewise, he said he obtained the list of the state’s 2,100 companies from the Registrar of Companies, Gwalior, who does not file the returns. They are also on the ITD radar. He again called on taxpayers to honestly file the self-assessment withholding tax by March 15 and file returns by March 31.

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Posted on: Wednesday March 13th, 2019 5:57 PM IST

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