#RealtyNewsRoundup: Jail For Bank Account Violations, Warns Taxman

Realty News Roundup is PropGuide's selection of the day's top stories from the real estate sector.

In the wake of people depositing their unaccounted old currency in someone else's bank account, the income tax department has decided to slap charges under the newly enforced Benami Transactions Act where violators can get a jail term of up to seven years. A countrywide operation has been initiated to identify suspect bank accounts where huge cash deposits have been made since demonetisation.

The property tax department of the Pimpri-Chinchwad Municipal Corporation has had a windfall of over Rs 30 crore in the last 10 days. Post-demonetisation, the department has mopped up tax and arrears to the tune of over Rs 30 crore as over 17,000 citizens made payment using old currency notes. The state government has allowed citizens to pay their municipal taxes using old notes till November 24.

Karnataka ministers have mooted an exclusive housing plan called The Legislature Township which is likely to come up on a 100-acre plot near Whitefield in Bengaluru. The first-of-its-kind in the country, the township will not only give independent houses to MLAs and MLCs but also provide accommodation to officers attached to the legislature.

The government has issued provisional orders to attach properties worth over Rs 18,000 crore for offences under the money laundering law. Union Minister of State for Finance Santosh Kumar Gangwar said in Lok Sabha recently that a host of initiatives had been taken, including effective enforcement of law, to curb money laundering in the country.

The Delhi Development Authority will unveil a new housing scheme early next year, under which nearly 13,500 flats will be put up for sale. Most of these houses are one-bedroom accommodations surrendered by the allottees of the 2014 project.

Source: Media  reports