New Delhi: In order to retrieve the black money, Central government has decided to bring the real estate transactions under scrutiny. The move will include both the private and corporate transactions.

Starting the scrutiny from Delhi, the Income Tax department will inspect all the transactions of land and houses executed last year.

Chairman of the Central Board of Direct Taxes, Sudhir Chandra said, “These transactions are being scrutinized to take out the black money.”

The Income Tax department aims to prohibit the trend of investing black money in the real estate. In last two years property rates in Delhi including National Capital Region (NCR) has witnessed manifold rise. It is believed that black money has played a key role not only in private land transactions but also in real estate transactions.

While inspecting these transactions, Income Tax Department will keep tax evasion in mind, besides focussing on the market rate of property and their real rate of transactions.

After reviewing this move, Income Tax Department is likely to give a thought to conduct such exercise in other parts of the country also.

JPN/Bureau