Experts say that there is no governing council to look after such property deals
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Hyderabad: The new and improved black money law could spell doom for the farmers as experts warn that black money holders would throng the rural India to buy lands, to evade paying penalties for having unaccounted income.
With the tougher black money law coming to force, experts feel that stash holders could try to convert their hard cash into property to conceal it from the eyes of tax officials. Property and gold are considered to be best avenues for parking black money.
While there could be greater scrutiny for buying property in urban areas, villages can be conducive for investing their money. Property consultant Knight Frank executive director (advisory, retail and hospitality) Gulam M. Zia said, “It is likely that stash holders would move towards the rural India to buy land as the transactions there are not much scrutinised and are more cash driven. Also, with bad monsoon prevailing over the past years, farmers would be willing to part with their lands and authorities might not pay much attention to such deals, as they would be sympathetic towards them, given the farmers’ grim financial condition.”
Experts say that there is no governing council to look after such property deals. The I-T department or the sub-registrar office cannot do it because they lack the motivation.
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( Source : deccan chronicle )
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