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I-T Sleuths On Realty Check
Posted by Pradeep Sadanapalli | April 22, 2008 | 413 views
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Loading ...In the wake of the real estate boom in the city and surrounding areas, the income tax department which had been tracking realtors is eyeing big builders and contractors.
The Central Information Bureau (CIB) of Income Tax department has asked the Greater Hyderabad Municipal Corporation (GHMC) to provide information about the permissions given to both the commercial and residential buildings during 2005-06 and 2006-07. Apart from this the income tax officials have asked information pertaining to the contractors of parking lots, open spaces, owners of bars and restaurants, cinema theatres, clubs and other malls.
In a letter to GHMC commissioner, Income Tax officer K Annavaram, CIB-5 asked for names of contractors, their addresses and PAN card details. The information was sought under section 133 (6) of Income Tax Act 1961.
As per the estimations, there are over 1,000 builders including big, medium and small categories. Big builders construct buildings five floors and above which are normally high-rise buildings. The medium builders construct buildings Ground+ three floors and above. Small builders confine to Ground and two floors which are permitted at municipal circle level. Thanks to the increase in the construction activity, many builders are constructing apartments and commercial complexes in the city. With the increase in building applications especially for multi-storied buildings, some times, the GHMC building committee is meeting twice in a month.
The tax officials have sought to know the contractors of parking lots in the state. There are 115 parking lots of them 85 are being maintained through electronically. There are nearly 250 bars and restaurants permitted by the corporation. Most of them are owned by big businessmen, contractors and political leaders. Of the more than 1000 open spaces, some open spaces are on lease and some of them have encroached upon by the private persons. The GHMC commissioner last year sanctioned Rs 82 crore for the protection of the open spaces by constructing compound walls.
The tax officials said in the letter that if the corporation does not provide the information, it can levy Rs 100 per day penalty to GHMC under section 272 A (2)(c) of Income Tax Act 1961.
“The corporation has sent information about building permissions in the last two years. The second part of the information about the contractors and owners of bars and restaurants will be sent to the income tax department,’’ a senior official of GHMC told TOI.
SOURCES:
Times Of India
Topics: Real Estate |
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