I-T dept attaches Benami properties worth over Rs 3,900 cr


As per information provided by the Finance Ministry in the Rajya Sabha on Tuesday, Income tax department has provisionally attached benami properties worth over Rs 3,900 cr involving more than 1,200 cases. 


In a written reply, Minister of State for Finance Shiv Pratap Shukla also admitted that the tax department has identified more than 1,600 benami transactions till the end of February. 


"Show cause notices for provisional attachment of benami properties were issued in over 1,500 cases and provisional attachment has been made in over 1,200 cases. The value of properties under attachment is over Rs 3,900 cr," he said. 


In another reply, Shukla said that till date, under the initiative 'operation clean money' carried out in three phases so far, the income tax department has identified around 22.69 lakh persons whose tax profile was found to be inconsistent with the cash deposits made by them during the demonetisation period. 


"Total cash to the tune of Rs 5.27 lakh cr has been found to be deposited in bank accounts in case of these 22.69 lakh taxpayers during demonetisation period," Shukla said. 


However, since verification/assessment of these transactions has not been done as yet, it cannot be said with certainty how much of this money is actually unaccounted income.

Written by The Realty Paper

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