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Jan 11, 2018 03:48 PM IST | Source: Moneycontrol.com

Benami properties of more than Rs 3500 crore attached: Govt

The Income Tax Department has attached properties provisionally in more than 900 cases.

Moneycontrol News @moneycontrolcom

The government has stepped up action against Benami properties, with the Income Tax (IT) Department attaching properties worth Rs 3500. In a tweet, Finance Minister Arun Jaitley said that more than 900 cases of properties have been provisionally attached under the Prohibition of Benami Property Transactions Act.

The nature of properties attached include land, flats, vehicles, shops, jewellery and bank deposits. The properties attached also include immovable properties of more than Rs 2,900 crore.

According to the press release, five of the cases involved provisional attachments of Benami property worth more than Rs.150 crore. In another case, a real estate company had acquired 50 acres of land worth Rs. 110 crores by "using the names of certain persons of no means as benamidars". 

In another case cited in the statement, two assessees had deposited demonetised currency worth Rs 39 crore into bank accounts in the name of their employees or associates, only to later deposit the money into their own accounts.

Yet another case found Rs 1.1 crore in cash inside a vehicle, where the person denied ownership of the money.

This move is a part of the government's crackdown on black money.

A Moneycontrol report earlier reported that the government might make changes to the Benami Transactions (Prohibition) Amendment Act, 2016 during the budget session.

As per the report, The Central Board of Direct Tax (CBDT) may propose increasing the number of days, for which a benami property can be held by the Initiating Officer after sending a notice, from 90 days to 180 days.

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