IT Department 14,000 properties

Demonetization14,000 crores of properties are yet be seized by the Income Tax department, while 15,496 crores were reported to be the disclosed amount. After demonetization, the amount of Black money was said to reduce in the Reserve bank of India, but according to the recent reports, Income Tax department scanned around 14000 properties which were not filed under the income tax.

The income tax department’s statement was “The exercise has also unearthed a large number of people and clusters having suspect transactions. These include about 14,000 properties of more than Rs.1 crore each where persons have not even filed income-tax returns. The investigations are in advancement.”

Demonetization Effect: Residential Properties Will Drop in the Next Couple of Quarters

Reserve bank of India which carried out the count of amount Rs.500 and Rs.1000 at the time of demonetization informed, around 15.44 lakh crore amounts were returned to the system. Now since the deposition of notes ended the count doesn’t match the expected collection. After operation clean money that is a removal of black money, RBI noticed 18 lakh suspect cases which didn’t get filed in I-T returns, I-T department informed.

The statement read, “13.33 lakh accounts of some 9.72 lakh persons with unusual cash deposits of Rs.2.89 lakh crore was identified and responses sought. The resource was captured “within a short span of 3-4 weeks.” At present, there is no light on the issue that how many were genuine and how many were under uncounted accounts.

After demonetization, there has been 158% increase in the number of searches, to 1,152 groups from 447, and more than twice of seizures to Rs.1,469 crore from Rs.712 crore. There has also been a 38% increase in admission of undisclosed income (at Rs.15,496 crore).

There has been an effect of demonetization on the illegal money holders, but the recent report of I-T department showed that there are more to be known that didn’t come under the effort made. I-T department is concentrating on the 14,000 crore worth properties and carrying out the investigation to seize it as soon as possible. The reports will be submitted to RBI.

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