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Realty segment of Gujarat has abundant amount of Fictitious Money

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Source quoting at www.propertykhazana.com states that during the last 18 months, the Revenue department which raided the state found that huge amount of fictitious money traced from the realty market which has also been admitted by the builders and businessmen of the state. During the investigation which was conducted by the IT authorities, an estimated amount of Rs. 600 crores of fictitious cash was being traced. An interesting fact is that the , the IT authorities held the realty segment for their contribution 35% of over 50% and rest of the contribution was from that of the businessmen, doctors and industrialists from whom the unaccounted money were traced. Around 40% of the said fictitious money was from the realty segment who agreed that Rs. 250 crores were seized during the last 18 months.
The IT authorities who are of the opinion that since the realty segment is the area where huge inflow of funds takes place, they wanted to keep a vigil on this sector. Sources at www.propertykhazana.com states that investigation was held at the residences of executives of Soumya Construction, Radhe Developers and Sheth Builders have been conducted. But there are also rumors that there has been a low trend off late in the unaccounted money owned by the realty segment which is only 30% in comparison to 70% during the last five years.
It has also been pointed out by a Chartered Accountant since the possessors of the land are being made to pay hefty rates on their capital gains and they consequently want to ignore the same, the developers are forcibly trying to make some unaccounted money. The builders, workers and the people who supply the materials thereby escape paying the taxes by taking the cash under fictitious transaction. He further adds that unaccounted money is an unwelcome sign to the realty segment but the same policy is being adopted by banks and only 100% of the home loans finance is conducted under a fair deal. One cannot expect Am Aadmi to have unaccounted wealth. As such, misuse of money, increase of unaccounted wealth and no clear cut transactions are the main factors that hinders further sale of the property. For further details refer to www.propertykhazana.com.

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