Why are NCR builders being raided? You also did not pay cash for the flat?

HR Mandi Bhav: IT Raid in Delhi-NCR: If you have also made cash payment for buying a flat or commercial space, then this news is important for you. 

Yes, for the last few days, the Income Tax Department has been continuously raiding the offices of real estate companies in Delhi-NCR. After receiving input about tax evasion, raids are going on by the Income Tax Department.

Did cash transactions of more than Rs 600 crore

After the department raided the offices of six real estate companies a day earlier, it was reported that the companies had made cash transactions worth more than Rs 600 crore. 

To avoid tax, these companies had sold commercial and residential projects by taking cash. Real estate companies evade tax through cash sales. Officials said that the Income Tax Department team has recovered more than Rs 16 crore in cash and jewelery from the builder's premises.

Search operation started in six realty offices.

This raid of Income Tax Department started on last Thursday (from January 4). The Income Tax Department team started a search operation in six realty offices to detect alleged tax evasion. 

The officer said that after looking at the documents related to the company and the financial transactions of their real estate business, cash transactions worth more than Rs 600 crore have been found. He also told that these companies were selling housing and commercial projects on cash transaction basis for a long time.

Officials are examining the documents related to the deals of the companies. Electronic equipment and many documents have been seized for investigation. 

The officer also told that we are trying to trace the money trail. He said that action will be taken against the companies. So far, cash worth more than Rs 9 crore and jewelery worth more than Rs 7 crore have been recovered from six companies.