Individual should be extra careful when taking money from parents or relatives to buy a property
The government can seek details from sellers such as sources of funds while buying.
The larger amount of black money either goes into domestic real estate or bullion, or is round-tripped back into India anyway.
Justice S N Dhingra Commission, which was set up to probe into grant of land licences to some companies including that of Robert Vadra's in Gurgaon during the Congress rule in Haryana, on Thursday sought six weeks more time to submit its report hours before the deadline was to end.
Prime Minister Narendra Modi on Sunday warned unscrupulous elements not to play with the lives of the poor by depositing illegal money into their accounts as stringent law against 'benami' transactions were in place to deal with them, as he asked the youth and other sections to move towards a "cashless society".
Last week, a Rajya Sabha committee had allocated five hours for discussion on GST.
In April last year, tax authorities had questioned Deepak Kochhar over a Rs 405-crore investment by Accion Diversified Strategies Fund through its Mauritius subsidiary, DH Renewables Holding
The allegation against Khan is that he had applied to purchase the agricultural land for farming but constructed a farmhouse for personal use instead.
In the last Budget, the government had come out with similar compliance window for people holding undisclosed assets abroad.
Govt to introduce comprehensive law on black money
Less than a fortnight after rejecting the Adarsh scam report, Maharashtra cabinet on Thursday decided to partially accept recommendations of the judicial commission, announcing action against indicted bureaucrats but appeared going soft on politicians named by the commission.
Passage of the long-pending Goods and Services Tax bill and a unanimous resolution on Kashmir were the highlights of the "highly productive" Monsoon session of Parliament which was adjourned sine die on Friday after 20 sittings.
To give impetus to the real estate sector, Goyal proposed to extend the period of exemption from levy of tax on notional rent on unsold inventories from one year to two years.
Political Pundit R Rajagopalan lists his big takeaways from the election results.
Following several instances of poor drafting of Cabinet notes and bills in the recent past, on September 11, the Cabinet Secretariat wrote to all ministries and departments to read up paragraph 55 of the 'Handbook of Writing Cabinet Notes'. Archis Mohan reports.
Tax sleuths have detected over Rs 52 crore of unexplained cash in jewellers' bank accounts
Eleven fresh cases of stamp duty evasion have been registered by the Uttarakhand government against Ramdev's Patanjali Yogpeeth Trust, spelling more trouble for the yoga guru.
The passing of the GST bill and the failure of India to acquire NSG membership is set to rule the agenda in Parliament.
The Central Bureau of Investigation on Tuesday gave a clean chit to Maharashtra's rural development minister Jayant Patil in the Adarsh Housing Society scam.
The development followed the arrest of chartered accountant Rajesh Kumar Agrawal by the ED.
The department will impose a penalty, which could be between 30 per cent and 120 per cent.
The monsoon session of parliament is all set to begin on July 21, but it will be a truncated three-week affair.
The department said that total confidentiality is ensured to those who declare their black assets and funds
The Central Bureau of Investigation on Thursday did not name former Maharashtra chief minister Ashok Chavan in the benami property related to purchase of flat in the Adarsh Housing Society in Mumbai.
"Post demonetisation, during November 9, 2016, to January 10, 2017, more than 1,100 searches and surveys were conducted and more than 5,100 notices were issued by the income tax department for verification of suspicious high-value cash deposits," Finance Minister Arun Jaitley said in a written reply in the Lok Sabha on Friday.
'Modi has shown political courage by instituting several economic reforms which include demonetisation, ushering in GST, eradication of benami transactions...'
This is the new addition to the tax data, which had identified over 600,000 people for scrutiny over huge inconsistencies in the cash deposits
Apart from Modi, Jaggi Vasudev to address 2-day tax officers' conference
The government had raised Rs 10,000 crore through the last domestic black money amnesty.
About Rs 8.33 crore cash has been seized from Delhi, Rs 2.5 from Bengaluru and Rs 60 lakh from Mysuru till now, a senior official said.
The AA bench, in the order accessed by PTI, also rapped the probe officer of the I-T department in Mumbai for seemingly relying on "some press report/online articles" that Khan acquired the property for his benefit, which it said was "incorrect and impermissible in law."
To check black money menace, the Cabinet on Tuesday approved a new bill that would give more powers to the tax department in tracking illicit wealth stashed abroad and provide for strict penal actions for such offence.
At the time of bidding, Amit Bahadur had Rs 4,840 in his bank account.
Income tax officials have directed property dealers and registration authorities to prepare a list of top property deals that have taken place in the last three years.
The a/c holder will have to mention the date of opening of foreign a/c.
The Income Tax department has begun the process to examine bank deposits and transactions to check possible black money instances and said once the last opportunity to declare funds in old notes under the PMGKY scheme ends it will be very tough for hoarders.
In a relief to former Maharashtra chief minister Shivajirao Patil-Nilangekar, the Central Bureau of Investigation on Thursday gave him a clean chit in the Adarsh Housing Society scam.
Persons making disclosure of unaccounted assets will be given time up to November 30 to pay taxes
In the Budget, the government has banned cash transactions above Rs 300,000. This means that people will have to pay stamp duty and registration charges on the actual cost of transaction.
Every housing finance company, and every bank with a large housing finance exposure, will see loss of volumes in this quarter.
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