Govt lays out measures to contain black money menace in real estate

IN a bid to combat the circulation of unaccounted money or black money in the real estate sector, the government has implemented a series of stringent measures, ranging from legislative amendments to enforcement actions.

- MONIKA YADAV

Under the provisions of the Income Tax Act, several key legislative amendments have been introduced, as per the written reply by Minister of State for Finance Pankaj Chaudhary to the parliamentary question.

Section 43CA and Section 50C of the Income Tax Act now require the adoption of the stamp duty value as consideration if it exceeds the declared amount. Section 50CA, along with relevant Income Tax Rules, mandates the use of the stamp duty value of immovable property to determine capital gains on the transfer of shares in unlisted companies.