Friday, April 12, 2024

I-T dept to track assets deals in Mumbai well worth over Rs 1 cr executed in remaining decade

The Income Tax (IT) branch has reportedly dispatched a phrase to all sub-registrars and tehsildars to disclose the details of assets deals in Mumbai worth Rs 1 crore or extra over the past ten years. This will help the government seize the preserve of the unaccounted price range under such houses.

Benami residences wherein the real beneficiaries aren’t the only ones whose call an asset is purchased. The sale or purchase is made to avert assets tax. However, according to the Act, if the belongings are shown to be benami, they may be seized by authorities.

Experts advised that there could be a minimum of 5,00,000 property agreements in Mumbai summing up to a crore or greater within the decade. Dhruva Advisors LLP CEO Dinesh Kanabar said actual estate is one of the “number one locations for unaccounted money.

Under Section 21(1) of the Prohibition of Benami Property Transactions Act (1988), the IT branch has the right to seek facts on properties registered between April 2007 and June 2017. Last year, the Central Board of Direct Taxes (CBDT) added this change on October 25. The department has requested the sub-registrars to provide information on all registrations to ensure that obligatory asset transfers are covered.

Development agreements, tenancy transfers, certificates of income, flat/office/commercial premise income, amalgamations-demergers, change of houses, transfer of lease, presents, rent agreements (with a deposit over Rs 1 crore), mortgages, power of lawyers, give up/walls of properties/rights, release deeds, transfer of hire, and works contracts – are the details required with the aid of the IT branch.

Along with listing the belongings transfers, the sub-registrars, and the tehsildars are requested for their names, cope with, agreements’ cost with its corresponding market cost, belongings details, and PAN numbers of the dealers and buyers.

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The data disclosed to the IT department could be used with analytics to become aware of suspected benami holders and can be despatched notices; sources informed Business Standard. However, Dinesh Kanabar pointed out that the IT branch needs to broaden a “comply with-up mechanism to take the questions to a logical conclusion,” which became missing within and beyond.

Reasons to Invest in Real Estate in Mumbai

One of the biggest questions about investing in residential or commercial properties is to find out the region in which you need to invest. While many cities across India are growing hastily, Mumbai nevertheless manages to maintain the interest of investors inside the actual estate market. Although the soaring property prices within the metropolis are a warm topic, this megacity of desires is constantly under the radar of this region, drawing extra traders with its metropolis-wide redevelopment schemes and ideas. Here, we briefly examine some motives to put money into Mumbai.

Financial Capital

Mumbai remains the United States financial hub, contributing fairly to the kingdom’s GDP and South Asia. According to Wikipedia, the town owes 10% of the country’s manufacturing facility employees and contributes 6.16% of India’s GDP, 40% foreign exchange, and 70% of the foremost transactions across the city. Mumbai is headquartered in some monetary institutions, large corporate firms and agencies, and even foreign institutions. Moreover, the town is domestic and countrywide, and multinational banks offer mortgage schemes and financial funding alternatives to investors wanting to invest in real estate in Mumbai.


The exceptional infrastructure subjects with regards to making city real property funding selections. Mumbai has an incredible network of roads and flyovers, a suburban train network, Mumbai Metro, and a bus transportation system to get you from one part of the city to another in a brief time. It also has reliable and cheap electricity, a brilliant telecommunications machine, and a high-speed net. Secondly, Mumbai also has some pleasant colleges inside the United States offering schools in diverse fields.

The town also boasts of some pinnacle hospitals throughout India supplying excessive fine medical and fitness care 24/7 to locals and international sufferers. The nighttime lifestyles in Mumbai are always bustling and throbbing, with several exceptional eating places, bars, cafes, and inns available in extraordinary vicinities throughout the city. So, if you choose to have a lively city and a cutting-edge way of life, investing in Mumbai is worth it.


The presence of Bollywood within the city honestly makes Mumbai a warm spot for property investors. This area’s market in the town is always upward thrust. Many B-town celebrities invest throughout the city, splurging their money in excessive-give-up residential and business houses. Mumbai, the glamor capital of India, is likewise the ‘most desired region of funding’ for buyers from across the United States of America and globally.

William J. McGoldrick
William J. McGoldrick
Passionate beer maven. Social media advocate. Hipster-friendly music scholar. Thinker. Garnered an industry award while merchandising cannibalism in Gainesville, FL. Have some experience importing human hair in Minneapolis, MN. Won several awards for consulting about race cars in the government sector. Crossed the country developing strategies for clip-on ties in Washington, DC. Spent a weekend implementing Virgin Mary figurines in West Palm Beach, FL. Had moderate success promoting Elvis Presley in Ocean City, NJ.

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