TRACK STAMP PAER OF GPA/SALE DEED-CONTROL BENAAMI TRANSACTIONS AN APPROACH
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Analysis of Current System in force
- How we purchase a property?
A STAMP PAER IS REQUIRED OF POWER OF ATTORNEY AND SALE DEED BEING BOTH PREVALENT IN INDIA.
- What is being reported to Income tax Department in respect of property transactions?
Value of property of more than Rs. 30,00,000 INR is being reported already for more than
decade or so.
Steps to get detail of all transactions
- When a document which makes eligible to being owner of property is a stamp paper then why not that can-NOT be controlled to prevent such transactions.
- Steps to overcome such transactions or to get all sort of transactions under the scrutiny online to prevent Govt. Revenue:
- Stamp paper of Power of Attorney and Sale Deed to be monitored by Govt. through two modes of authentication for its generation i.e. Biometric Authorization based on Aadhaar Card and OTP mode which is currently implemented across the nation.
- It requires Pan Number to be inserted into Stamp Paper generation which can easily be implemented as Aadhaar Number and Pan Number is already being linked from 01.07.2017 where no one can file the return without that.
- Window to be open in Income tax Login where one can see the details uploaded of Stamp Paper generation so that Person can comply with the existing provision of Income Tax Act and can not hide the transaction detail.
- Thereafter, source of transaction which is required to be identified for such transaction being the objective of the is to be identified
- Income tax return must mention column to fill the source of transaction such as own sources of funds, loan from banks, loan from others, gifts from relatives or others, etc.
- Pan No. must be required for loan taken from others.
- If Loan from Bank, then A/c No. of Loan must be mentioned along-with IFSC Code, etc.
IT WILL GATHER DETAILS OF TRANSACTIONS THAT CAN NOT BE HIDE BY ANY PERSON AND MAKE AVAILABLE NUMEROUS OF TRANSACTIONS AND HUGE RISE IN CAPITAL GAIN TAX IN INDIA.
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