After the demonetization, now the Prime Minister Narendra Modi has a look at the property purchased from Black Money. Modi government is ever bigger against black money i.e. benami property. Modi government can take any big action against Black Money ie Anonymous property. The victims of this action can be many big people, but you too can come in its addiction. It may be possible that you do not even realize that you also have an anonymous property.
Today we will tell you how you can find out here that you do not have any benami properties. Before this, we will also tell you what is the Anonymous property and the action of the Modi Government against it. Also, you will also be given information on how you can legalize it.
What is Anonymous Property? First of all, know what is anonymous property. Anonymous property means, when buying a property, the transaction is not in the name of the person who has paid the price of this property, but it is in the name of another person.Such property is purchased in the name of wife, children or any relative. Not only this, many people also buy such properties in the name of their servants, friends .The person whose name is bought such property is called benamdar.
If you have purchased property in the name of your son or daughter, but you have not shown a share of Declaray Income in your income tax return, it will be considered as your Anonymous property.
Not only that, if you have a joint property. Meaning, a property in which your name is, but if you have not mentioned this expenditure in your income tax return then it will also be treated as Anonymous.
If you have a property then you need to know three things: If you have a property then you need to know three things. So that the government can declare your property anonymity.
1. You can check your property papers. Whose name is on the property paper. If you have a family name, then be sure to check the price at which the registry was done.
2. Did you declare this property in your income tax return during the property’s registry?
3. Whether the income tax return is filled in the name of the family member who was bought on it. If filled up, then a portion of the property’s price has been declared in its ITR or not.
Modi government can do action: To prevent anonymous transactions, the government has amended the first Anonymous
1. Property Transaction (Prohibition) Act – 1988 in the Modi Government. The provision in the Act has been that the official authorized by the government thinks that if your property is anonymity, then you can issue a notice and summon the property papers. Under this notice you will have to show your Property Document Officer within 90 days.
2. Under the new law, there is a provision of three years to seven years of harsh imprisonment and a 25 per cent penalty on the market value of the property for making anonymous transactions. . Both of these sentences can be given simultaneously.
3. The people who deliberately misinforms the provision of a penalty of 10 per cent of the market value of the property and penalty from 6 months to 5 years. Both of these sentences can be given simultaneously.
If you can not prove that this property is yours then the government can also seize it.
How to legal: If you have come to know that your property can prove to be anonymity, then you can take some precaution and legalize it. Let’s say that if you bought a property during two years, but it is not declares, then we tell you how you can legalize that property. For example, you can fill in tax returns with the name of your father. If you have an agricultural land and you earn income from farming, you can fill income tax by declaring him in the name of your father. If you have a rental income from a property, you can fill ITR by showing it in the name of your family. Apart from this, you can fill your revised income tax returns, in which you show that you have gifted your property to your wife, children or parents. However, for this you have to tell your source of income.