Income tax dept has served notices to NRIs who might have sold properties in last few years, NRI wives who do not file ITRs and nominees of mutual funds as well as those who had deposited a sum exceeding Rs. 1 l lakh in the wake of demonetisation. This is an attempt by the dept to tighten the noose of benami property holders. Benami property is the one in which the real beneficiary is some other person than the person in whose name the property is purchased.

And as per a leading business dailies report, the number of such notices served could be well around 50,000.

Also, it is not just a mere notice but a prosecution notice that hints at severe charges and penalties and an individual will not be able to come out of the situation by just giving off the fines as in a earlier situation.

The IT department is scrutinizing all details in a more pronounced way and seeking all such information that includes source of income and details on past transaction. Further the dept has urged those who have not filed tax returns earlier to do so now.

Narendra-Modi led government is tackling with the issue of black money and corruption by taking all short and long term measures. Last month, finance ministry informed that benami properties worth Rs. 3,900 crore have been attached in over 1,200 cases.

Goodreturns.in