The Indian government is introducing a regulatory bill to curb black money in real estate and foster transparency in the sector.
I-T officials uncover shady real estate dealings in Ahmedabad, focusing on brokers and undisclosed income during recent raids.
CREDAI presented an action plan to address corruption in the real estate sector to the Union Urban Development Minister. They highlighted the damaging impact of corrupt practices on the industry's reputation and called for government support in streamlining approvals and reducing delays.
The Income Tax Department is investigating real estate deals in New Delhi to combat black money and tax evasion. They will scrutinize developer funding and individual transactions.
Income-tax department to closely monitor real estate transactions over ₹30 lakh, with scrutiny triggers including gross income mismatch and large cash deposits.