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According to the plea, the State must take appropriate steps to curb corruption and seize benami properties amassed by illegal means to send out a strong message that the government is determined to fight corruption and black money generation.

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The I-T department stated that the reward amount for information under the Foreign Black money Act has been kept high at Rs 5 crore to make it "attractive to potential sources" in foreign countries, adding "Under this Scheme, a person can get reward for giving specific information in prescribed manner about substantial tax evasion on income and assets abroad which are actionable under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015."&nbsp;

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IT dept increases security under Prohibition of Benami Property Transactions Act

Besides the Rashtriya Janata Dal supremo, the IT raids were also carried out on the premises of party MP P.C. Gupta`s residence as well as several businessmen and real estate agents in Delhi and Haryana`s Gurugram and Rewari.

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The Income Tax Department on Friday&nbsp;warned that those who undertake Benami transactions would invite Rigorous Imprisonment (RI) of up to seven&nbsp;years and such violators would also stand to be charged under the Income Tax&nbsp;Act (I-T Act).

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Rohit Gera, Managing Director, Gera Developments &amp; VP, CREDAI said, "2016 has been a turbulent year for real estate. The industry faced headwinds in terms of slow sales which was then followed by a reduction in project launches. Interest rates that were expected to come down stayed stubbornly high."

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During his Mann ki Baat address on Sunday Deccember 25, 2016, Modi hinted towards the&nbsp;&nbsp;unlawful&nbsp;property transactions, stating that the government will soon plan to apply the&nbsp;Benami Property Act to “target other forms of illegally accumulated wealth”.

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benami-property

According to the plea, the State must take appropriate steps to curb corruption and seize benami properties amassed by illegal means to send out a strong message that the government is determined to fight corruption and black money generation.

The I-T department stated that the reward amount for information under the Foreign Black money Act has been kept high at Rs 5 crore to make it "attractive to potential sources" in foreign countries, adding "Under this Scheme, a person can get reward for giving specific information in prescribed manner about substantial tax evasion on income and assets abroad which are actionable under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015." 

Besides the Rashtriya Janata Dal supremo, the IT raids were also carried out on the premises of party MP P.C. Gupta`s residence as well as several businessmen and real estate agents in Delhi and Haryana`s Gurugram and Rewari.

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Benami Property

Delhi High Court reserves judgement on PIL to link property documents with Aadhaar

Benami properties, black money bounty: Win Rs 5 cr from govt; here is how

IT dept increases security under Prohibition of Benami Property Transactions Act

IT raids 22 locations linked to Lalu's "benami'' land deals

Govt issues notices in 140 cases of benami properties worth Rs 200 crore

Benami Act violators to face double whammy of legal action: Income Tax Department

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