People with benami properties are in for a tough time, as the Central Board of Direct Taxes (CBDT) has decided to crackdown on such properties. The crackdown is expected to be launched in June. Sources have revealed that 25-30 special units have been formed to take action against people with benami properties. These units will focus exclusively on investigating individuals who may have undeclared properties, either in India or abroad. Each special unit will comprise four to six members, including 3-4 I-T officers, one deputy commissioner and one additional commissioner. The additional commissioner will be reporting to their respective Director General (DG), who in turn, will be providing real time feedback to the CBDT chairperson. It is also likely that the information about the investigations will be shared with the Revenue Secretary (RS) and Prime Minister’s Office (PMO).
It may be recalled that Prime Minister Narendra Modi had earlier asked the I-T officials to take action against individuals with benami properties. Currently, the special units are being trained to acquire the skills needed to handle such cases. The required infrastructure and facilities are also being set up. All these will take some time, and it is expected that the initiative will be launched by first week of June. This initiative will target all types of benami properties such as flats, apartments, bungalows, plots, bank accounts, jewelries etc.