Fortunes of people changed in Amaravathi the moment AP government headed by CM Chandra Babu Naidu announced the decision to build new capital in the region. Ever since that registrations in and around Amaravathi increased in leaps and bounds and many transactions were done in crores but with minimal registration fees to the government.
Many owners sold their plots for huge profits and real estate businessmen thrived on them by reselling at huge process making crores of profits. Now it is comingout that Amaravathi is on Income Tax department radar.
Buzz is IT officials is getting information regarding Amaravathi land registrations and soon IT officials may conduct raids on various real estate offices. Suspicion is on nominal Registration Fee of Rs 3 lakh for the land worth over 1 crore.
It is coming out that Union Government's IT Returns scheme IDS is getting poor response and so IT department is planning to target Amaravathi after July 31st on those firms and individuals who are evading taxes.
