Property buyers are making massive investments in plots and flats in Greater Noida, driven by the upcoming Noida International Airport. Greater Noida and Noida is currently undergoing development in certain areas. For this there are various schemes, such as YEIDA housing scheme.
According to the Income Tax Department, people are investing in properties worth more than Rs 50 lakh, but are not paying the required taxes. The Income Tax Department has initiated action by identifying 12,000 people who have purchased property over Rs 50 lakh since 2020.
After receiving the information from the District Registrar’s Office, notices are issued to the name of those people. After making a purchase of property worth more than Rs 50 lakh, one percent TDS need to be deducted.
Like is the person who purchased the property have given the wrong PAN data to the seller, then for this he will have to deposit TDS with rate of 20%.
Among the 12 thousand people to whom notices have been sent in the district, apart from the builders, the number of flat buyers of Greater Noida is also quite high.
For the 2020-21, 2021-22, 2022-23, 2023-24 tenures the Registrar’s Office had shared the summary of the annual data with the Income Tax Department, as per media reports. In this Investigation it is revealed by the Income Tax Department that 12 thousand people who purchased the property worth more than Rs 50 lakh in these financial years, but did not pay the TDS with one percent rate. Notices has been sent to these 12 thousand people Gautam Buddha Nagar district. It has been asked to deposit the money before March 31, 2025.
