Unaccounted wealth and benami transactions will be curbed. The Income Tax Department is planning to investigate property registrar records. Thousands of property transactions are likely to be hidden from the eyes of income tax officials.

Deliberate reporting errors and fake or misleading PANs of buyers and sellers in property documents are preventing many such transactions from escaping the department's attention. Property registrars are required to report details of purchases and sales of properties worth ₹30 lakh or more.

There are also cases where parties collude with officials at registrar offices to ensure that transactions are not reported or false PANs or names are entered. This will make them difficult to trace. High-value real estate transactions have long been used as a means of laundering black money, often hidden through shell entities.

Mandatory e-verification of PAN and Aadhaar for all parties before property registration is a significant reform to strengthen this system. The move could help eliminate the use of fake or incorrect PAN or Aadhaar details and ensure that property records reflect actual ownership. Earlier this year, the Income Tax Department launched a nationwide investigation to track individuals and entities showing agricultural income of Rs 50 lakh or more without land.

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