MORE HOUSING CO-OPERATIVE SOCIETIES ARE UNDER INCOME TAX INVESTIGATION


AS RUMOURED, MORE AND MORE SKELETONS ARE TUMBLING OUT OF THE CLOSET, THE SECOND ROUND OF INVESTIGATION WILL BEGIN ON SOCIETIES, WHICH HAVE NOT FOLLOWED THE RULES AND REGULATIONS AND NO DOUBT THE BUYERS OF THE SITES OR THE OWNERS WILL ALSO BE SOON IN THE NET.

ANOTHER INFAMOUS HOUSING SOCIETY`S SITE BUYERS ARE IN DEEP TROUBLE ON KANAKAPURA ROAD AND LARGE SCALE IRREGULARITIES HAVE SPILLED OUT ABOUT ANOTHER NOTORIOUS HOUSING CO OP SOCIETY, IN KUDLU AND SINGASANDRA, HOSUR ROAD, BANGALORE.

THE TAX EVADERS(STAMP DUTY AND REGISTRATION FEE) BY UNDERVALUING THE PROPERTY AND PAID EVADED THE TAXES WILL ALSO BE IN THE NET.  A COMPLAINT IN THIS REGARD IS DOING ROUNDS WITH RESERVE BANK OF INDIA AGAINST SOME HOME LOAN COMPANIES AND BANKS AND EVEN A QUASI GOVERNMENT HOME LOAN xxx HOUSING FINANCE, IS SERIOUSLY INVOLVED IN LARGE SCALE TAX EVASION, BY ISSUING TWO DEMAND DRAFTS OR CHEQUES, ONE FOR THE PURPOSE OF REGISTRATION AND ANOTHER FOR THE ACTUAL VALUE.  IF THIS IS BROUGHT TO LIGHT, THE TAX EVADORS WILL HAVE TO PAY 10 TIMES THE ACTUAL TAX EVADED, APART FROM INCOME TAX.

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