Mumbai, Feb 12: The Income Tax department's Criminal Investigation wing has identified 2,000 Indian citizens who hold properties in Dubai but had failed to declare it in their IT returns.
In its ongoing crackdown on black money, the agency has identified Indian citizens who purchased properties in Dubai but failed to declare and explain the source of funds used to purchase these properties.
In the past few years, people have used shell companies to route illegal money and buy overseas properties to evade income tax.
However, the tax department has now increased its efforts to track down those involved in major tax evasion cases.
The 2,000 persons and companies identified mainly include businessmen, top professionals, and government officials.
The IT department will initiate action against the accused under the Black Money Act.
Citizens who own properties outside the country but fail to declare the source of funds or income used for the purchase could be prosecuted under the Black Money Act.
Under Section FA (Foreign Assets) of the Income Tax Act, an individual has to declare purchase and ownership of properties, assets, companies owned outside the country while filing the income tax returns annually.
In the recent drive against black money, the IT department identified 2,000 Indian nationals who failed to provide information on the same while filing IT returns.
Of the 2,000 citizens owning properties in Dubai, around 600 could not furnish details regarding purchase details.
Those who haven't been able to explain the source of funds used for the purchase of properties could be prosecuted and their properties can be attached by the agency.
Other than the attachment of the property, they can face a monetary penalty up to 300 per cent of the property value and also face imprisonment under the Black Money Act.
The properties owned by Indians in Dubai raised red flags as this pattern of parking money is used by money launderers, smugglers, underworld gangsters and drug traffickers for making payments.
It is worth mentioning that of the 2,000 citizens identified, most are residing in Mumbai, followed by Kerala and Gujarat.
The clause under section FA (foreign Assets) came into effect in the year 2011-12 and it is mandatory for people owning properties outside India to declare it in their IT returns.
Those identified by IT department could also face action under FEMA (Foreign Exchange Management Act) by the Enforcement Directorate under Section 4.
Recently the Enforcement Directorate (ED) launched a crackdown on black money parked overseas by tracking and identifying immovable assets bought overseas by Indian nationals illegally.
The move is being carried out under rules laid down under Section 4 of FEMA (Foregn Exchange Manipulation Act), 1999. Section 4 of FEMA states that no person resident in India shall acquire, hold, own, possess or transfer any foreign exchange, foreign security or any immovable property situated outside India.
On January 17, the Enforcement Directorate (ED) conducted searches at the residence of a former chief engineer of Brihanmumbai Municipal Corporation (BMC) in connection with an inquiry related to FEMA.
In the raids, the ED officials recovered documents related to the purchase of a property in Dubai in an allegedly illegal manner.
The ex-BMC chief engineer was posted with some of the most crucial wings of the municipal corporation -- the building proposal department and development plan department.
The agency did not disclose the name of the ex-BMC chief engineer but it has been learnt that he had superannuated around seven years ago from the municipal corporation.
ED, in a statement, said incriminating documents with regard to illegal acquisition of a property held in Dubai was recovered during the search operation.
The former BMC chief engineer has stated that he had purchased the property in Dubai at 'Park Island, Bonaire Marsa, Dubai' for Rs 70 lakh in 2012. The property is held jointly in his name, his spouse and son.
The retired BMC officials could not furnish any documents which would help ascertain the value of the property and also could not provide details on how the payments were made to buy the property in Dubai.
The citizens identified by the IT department recently also adopted a similar route to buy property in Delhi. It remains to be seen how the income tax department plans to penalise them.
K Shivaraj, a native of Mysuru and DKS Haleema Shaheen of Mangaluru met each other while studying at a college in Mangaluru and fell in love. After studies, the duo wanted to start a business and had even got their business project sanctioned by the Karnataka Udyog Mitra in 2014. They decided to enter the wedlock. After the girl faced stiff resistance from her parents, the duo eloped and exchanged nuptial vows at a temple in Mysuru in May 2015.
Comments
How do u all know them ?
Haleema you sold heaven and you purchased hell...
Islam teaches us 'A slave Muslim men is better for a Muslim girl than a rich kaafir . Same way a slave Muslim women is better for a Muslim men than a rich kaafira women'
There is no compulsion in religion of islam. We are free to follow any system but final decision with Allah, He will decide who followed his way or who are the loser. May Allah guide us to right path. Ameen
SEE HER FACE, CAN UNDERSTAND THE SITUATION,VIREN YOU ARE RIGHT BUT A SENTENCE IS WRONG SHE WENT FROM BRIGHTNESS TO DARKNESS.
I agree with Fathima's view. It was unfortunate that the girl in the name of love forgot the beauty of Islam.
There are many instances in Mangalore where Muslim girl married a Hindu boy and after a year boy converted to Islam. No wonder if this culminates the same way. Moreover u will find hundreds of famous personalities embracing Islam such as Tony Blair's sister Lauren booth, BBC journalist Yvonne Ridley and so on but u will not find vise versa. Keep hope and prayers and ignore barking kotians.
Let us pray for kotiyan brightness family !!....May Allah protect your family & children in future .... There is chance to convert !
Every Say Ameeen!
Kotiyan Nikk P---Tiye Yaa\\"\"\"\"\"n"
mr kotian do u know how many hindu married muslims converted to islam and workind in uae you study well about islam and later on u will also change
mr kotian do you know how many hindu men who married to muslim converted to islam and working here in dubai, first study about islam and later on u wil change your mind
mr kotian do you know how many hindu men married muslim converted to muslim again and working here in dubai study first about islam then you will also come to islam There is no caste system in islam like brahman harijan etc
No need to judge anybody. Only Allah knows whats the future and how their end will be. It may be good and wonderful than we expect. Better than our life may be, nobody knows. So keep hope . If possible pray for them and dont judge.
Viren @ its opposite its to dark from brightness and secondly its her parent to blame , they didnt teach her what is islam .
Viren chadi by name only we cant judge chadi,its should come through Heart.
Just wait for 3 to 4 month, he will leave her .
i like it ... i like it ... Jai sri ram ... as Viren bhai said ,.. inshallah it will happen soon .. too much of compression and male domination in islam... they treat women as property not as human being ... i heard that shivraj rejected haleema's fathers offer of crore rupees inexchange of his daughtor ... it means guy has not married this gal for money sake .. true love ... they must be protected as they might get attacked from Islamic thugs from coastal ...hahaha... this is just the begining ... there are lakhs of muslim women who want to escape from this sikka patte piece ful religion ...
We as an Indian should be united but look what always we see partitioned. no wonder how easily British invaded India.
I know some of them are happy seeing this news. And i admit it is because of your ignorance you are happy. Almighty has his own concept of human life n death. There are 4 categorised people.
1. Ones who r born muslim and dies as a muslim
2. Ones who r born muslim and dies as a non muslim.
3.Ones born as anon muslim and dies as a non muslim.
4.Ones born as a non muslim and dies as a muslim.
Last category people are the most successful people in this world and hereafter no doubt about it. 2nd category people are the ones destroying their own destiny and lands in great trouble hereafter. No one neither their life-partner nor their parents can save them from torments of hell fire.
May Allah make our death beautiful and grant us to die as a muslim.
May Allah guide her n all of us.
@ viren kotian
quran, islam never force anyone to covert to islam.. in quran Allah says tell the truth to them until they understand the truth
even after that they don't want to accept the islam its up to them.. its our responsibi
Thank you CD for this wonderful news.
And Yes, Viren we all are there with this brave woman. no terrorist can touch her.
Insha Allah more muslim girls will throw away their burkas and accept hinduism in future..
Mr viren ur wrong,,,,, from the brightness to darkness,,,,
Welcome to the light from the darkness Ms haleema. We are with you! hahahah Lol Lol Lol..
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