9,000 Noida Homebuyers Get I-T Dept Notice

9,000 Noida Homebuyers Get I-T Dept Notice

9,000 Noida Homebuyers Get I-T Dept Notice

In order to boost earnings, the income tax department is seen vehemently pursuing property owners, salaried individuals and traders in Noida, a key housing market in the national capital region. Currently, there are about 2.85 lakh taxpayers in the city; the department is looking at increasing this number by another 58,000 in the coming months.

To achieve that goal, the department has sent notices to as many as 9,000 people in Noida who purchased properties worth over Rs 30 lakh during 2010 and 2011, asking them to furnish details of their tax return. Those who have received a notice would need to send a clarification, which if found dissatisfactory, could lead to penalty levying.

On the department’s radar are those farmers who sold their land in the area and reinvested the money to earn rents as landlords.

“The city was previously surrounded by farmers who sold their land for hefty sums of money. A number of them have re-invested their money and are earning rent. These farmers believe that they do not have to pay tax at all since their tax was abetted when their land was taken for development purpose by the government. They are now landlords, and are liable to pay taxes,” Noida Principal Commissioner Raju Tayeng was quoted in Hindustan Times as saying.

In the meantime, the I-T department is also in touch with residents’ welfare associations (RWA) in the city to collect information about homebuyers and detect tax evasion—the department has asked them to provide list of residents and their PAN numbers. The department is also taking help of RWAs and traders to sensitise people about tax filing.

Last Updated: Fri Sep 14 2018

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@@Fri Jul 05 2019 13:15:19