I-T dept attaches Benami properties worth Rs 43 bn till June 30: Govt

The Benami Transaction (Prohibition) Amendment Act, 2016, seeks to prohibit the Benami transaction irrespective of the method by which such property is acquired

The Income Tax department has attached Benami properties worth Rs 43 billion till June 30, the government said on Tuesday.

Minister of State for Finance Shiv Pratap Shukla said the government has taken various steps to identify Benami properties and the I-T department has set up 24 dedicated Benami Prohibition Units across India.

"As on June 30, 2018, provisional attachments have been made in more than 1,600 Benami transactions involving Benami properties valued at over Rs 43 billion," Shukla said in a written reply in the Rajya Sabha.

The Benami Transaction (Prohibition)Amendment Act, 2016, seeks to prohibit the Benami transaction irrespective of the method by which such property, both movable and immovable, is acquired.
 

 

In another reply, Shukla said tax collections from foreign companies have gone up to Rs 275.61 billion in Assessment Year (AY) 2017-18, from Rs 245.41 billion a year ago.

He said as per provisions of the I-T Act, a foreign company is liable to tax all income, whether received or deemed to be received, from any source in India.

"However, the taxation of a foreign company under the Act is subject to the provisions of the Double Taxation Avoidance Agreement, if any, between India and the country of which the foreign company is resident," Shukla said.