Indians under IT scanner

     

        The Income Tax department has set up an investigation on around 7500 Indians who owns high ended properties like prime houses in Dubai. The Intelligence and criminal investigation wing of the IT department has collected informations about the Indians who invested in real estate and their sources of income for such investments.
       According to Dubai land development report, around 1387 Indians have invested about AED 3 billion in Dubai land assets in the first 3 months of 2018. In the five years from 2013 to 2017, Indian nationals have bought properties worth AED 84 billions in Dubai.In 2017 alone, there was an investment about AED 15.6 billion in Dubai.
        It is not illegal for Indians to own properties in abroad. According to FEMA, residents and NRIs are allowed to buy immovable properties in abroad. But, it is mandatory to disclose the foreign assets to disclose in IT returns as per Indian tax rules. Under Black money Act, any undisclosed assets are being taxed at 30 percent. There are also monetary penalties about 300 percent with criminal prosecution for non disclosure.
        On an investigation platform made by Indian Express along 49 non profit organisations, it was found that , from entries around 181 countries, the Indian formed a sizable chunk  with 5800 linked to the properties of top sites in Dubai. It includes Palm Jumeirah, Motor City, Dubai Marina etc.