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I-T Department detects large-scale cash property deals in Bihar and UP; flags sub-registrars for data gaps
The Income Tax Department has uncovered widespread non-compliance in Bihar and Uttar Pradesh, with sub-registrars failing to report large cash property transactions exceeding ₹2 lakh. Numerous deals over ₹30 lakh were also missing from records, indicating significant unaccounted cash flows in the real estate sector.
The Income Tax (I-T) Department has uncovered a series of unreported property transactions involving large cash payments in Bihar and Uttar Pradesh, particularly in districts bordering Nepal. Officials said several sub-registrars failed to share mandatory data on deals involving cash transactions exceeding ₹2 lakh, raising concerns of widespread non-compliance.
The findings emerged from a nationwide verification drive launched earlier this year following Supreme Court directions issued in April. During the exercise, tax officials discovered numerous cases where entire property transactions were conducted in cash — a clear violation of income tax regulations.
According to officials, discrepancies in data reporting by sub-registrars in both Bihar and Uttar Pradesh prompted the department to take up the issue with senior state authorities. The I-T Department has urged the respective governments to instruct registration offices to share transaction data and ensure full adherence to reporting norms. Letters were sent to the states' registration directorates within weeks of the Supreme Court order.
Subsequent scrutiny of records for the past three financial years revealed extensive misreporting. Spot verifications carried out in districts such as Kishanganj, Sitamarhi, Araria, and Madhubani in Bihar identified 250–300 instances where details of cash payments above ₹2 lakh were not shared with tax authorities.
In addition to non-reporting of high-value cash transactions, officials said several property deals exceeding ₹30 lakh — which must be mandatorily reported under the law — were also missing from official records. In one Bihar sub-registrar office alone, at least 600 property transactions worth over ₹250 crore went unreported over a three-year period. In several such cases, Permanent Account Number (PAN) details of buyers and sellers were also not captured.
While the extent of non-compliance appears to be higher in Bihar, officials noted similar lapses in Uttar Pradesh districts such as Maharajganj and Pilibhit. Although the number of violations there was lower, spot checks still found a significant number of defective entries and instances of cash transactions above ₹2 lakh.
The I-T Department has in recent years intensified efforts to curb unaccounted cash flows in property transactions — a sector long viewed as a major source of black money. The current exercise, officials said, is part of a broader campaign to collect transaction data nationwide and penalize those flouting disclosure norms.Add as a Reliable and Trusted News Source Add Now!
Source: EconomicTimes
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