- Irregularities were detected from tehsil offices during field verification.
Property deals worth Rs 3.12 lakh crore done in many states of the country are currently under the scrutiny of the Income Tax Department. This figure revealed in the investigation by the Income Tax Department is quite huge, which allegedly points towards black money. Most of the property deals that the department is investigating were in Gurugram, Chandigarh, Faridabad, Sonipat, Karnal and some other districts.
People familiar with the development said on the condition of anonymity that surveys and on-the-spot verification conducted by the Income Tax Department in Punjab, Haryana, Himachal Pradesh, Chandigarh, Jammu and Kashmir and Ladakh have revealed that in the last one year, more than 2.5 lakh property deals worth Rs 3.12 lakh crore in these areas have either not been registered, or have been registered with wrong PAN details.
What are the rules of Income Tax Department?
Under Section 285BA of the Income Tax Act, it is mandatory to furnish Financial Transaction Statements (SFTs) along with their Permanent Account Numbers (PAN) in respect of high-value transactions, interest payments, dividends and other related transactions made on behalf of taxpayers to the reporting authorities including banks, Sub-Registrar Offices (SROs), Non-Banking Financial Institutions (NBFCs), Mutual Funds etc. At the same time, it is statutorily mandatory for SROs to provide details of all real estate transactions exceeding Rs 30 lakh. After this this information is matched with the income tax return.
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Income Tax Department official gave information
An Income Tax Department official said, ‘The Directorate of Information and Criminal Investigation, a unit of the Income Tax Department, conducted a total of 42 on-the-spot verifications in the states of Punjab, Haryana and Himachal Pradesh along with the Union Territories of Jammu and Kashmir, Chandigarh and Ladakh in the North-West region in 2025-26, most of which were conducted in tehsil offices. Its main objective was to detect and remove irregularities in reporting of high-value financial transactions by designated reporting authorities.’
He said, ‘Field verification and analysis of data obtained from existing records has revealed that SROs have not reported or provided incorrect PAN details of many property transactions worth more than Rs 30 lakh.’
Property transactions worth Rs 31 lakh crore also disclosed
At the same time, another person related to the department said, ‘The Income Tax Department has detected more than 25 lakh such property transactions, many of which have been registered in the tehsil offices of Gurugram, Faridabad, Sonipat, Chandigarh and many districts of Punjab and the estimated value of these transactions is Rs 31 lakh crore.’
It has been reported that the Income Tax Department has started a similar campaign in other parts of the country. Although the data has not been centrally compiled, officials have indicated that the value of such suspicious transactions across India could exceed Rs 75 lakh crore.
Are SRO officers also complicit in this matter?
Another official said, ‘It is not known whether SRO officials are involved with the taxpayers in all these cases, but such incomplete or incorrect reporting makes the data ineffective for the purpose of tax verification and significantly hampers the ability of the Income Tax Department to monitor high value transactions and ensure proper tax compliance.’
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