REPORT ALL PROPERTY SALES ABOVE ₹50 LAKH: FIN MIN TO STATE

MUMBAI: The union finance ministry has written to state chief secretary, Manu Kumar Srivastava, and inspector general of registration (IGR), Shravan Hardikar, to report all transactions of property sale above ₹50 lakh or more that are registered within the 15th day of the month succeeding each quarter of the financial year.

The letter, sent by P K Mishra – a director in the ministry of finance – on November 1, states that the IGR which heads the stamps and registration department is designated as a ‘Reporting Entity’ (RE) under the prevention of money laundering act (PMLA). Under section 12 of the act, the IGR has to report details of all purchases and sales by any person of immovable property valued at ₹50 lakh or more registered with him.

Financial Intelligence Unit India (FIU-IND) is the central national agency responsible for receiving, processing, analysing and disseminating information relating to suspect financial transactions.

The letter states that India’s Financial Action Task Force’s mutual evaluation is scheduled to be held soon and it is necessary to have all the IGRs to register by November 15.

Pramod Deokar, the deputy inspector general of the IGR department said, “At present, we send a record of all transactions above ₹30 lakh once a year to the Income Tax department.