If you bought or sold a house or a plot for more than Rs 30 lakh, then expect a knock from tax hounds. Real estate sector is high on the radar of the income-tax department, which is going to keep a close watch on buyers or sellers of property.
Realty deal whose value is more than eight times the gross income of the buyer could come under the scanner of the I-T department, going by the latest scrutiny norms circulated to officials. So, if your gross income is ten lakh rupees per annum and you have bought a house for more than eighty lakh rupees, you could get a call from the department. Read More