Real estate “boom” has reached the sky in the region of AP Capital. Many realtors and Politicians have showed very much interest on buying of lands in the Capital region. Lands in the region were sold out like cakes. Now it’s time of Income Tax Department to look after land dealings in and around the capital region. IT was received from Sub-registrar offices on information of details of land selling in Tullur, Tadikonda, Tadepalli and Mangalagiri mandals.
Both farmers and realtors get IT notices on real estate business. IT department get the information of the people who buy or sell the lands having market value more than 10 Lakhs in the region. They issued notices to the farmers and realtors on their income sources. IT depart seeks to get income on land dealings in the capital.
They (Farmers) don’t know about Income Tax. Announcement of Capital in the state forced to pay Income Tax. Land value and real estate boom has suddenly erupted out after the announcement. IT department issued notices to farmers seeking to collect Income Tax from them. As per the information from Sub-registrar, 4K acres of land sold since last 4 months.
Some of the farmers made an appeal to Chief Minister Chandra Babu on IT problem. CBN was assured to them that he will talk to the Union Government but not gave commitment to them.
