The Income Tax department is planning to take action against those people who were unable to declare the ownership of properties in Dubai in their tax returns and also failed to explain the source of funds. The Intelligence and Criminal investigation of the I-T department has prepared the list of Indians in which there are 2,000 people who has properties in Dubai but they did not declare the fact in their returns. This list did ready by scanning all properties owned by Indians in the Gulf City state.
The department is planning to prosecute those citizens under the strict Black Money Act. Because of which there will be a penalty for three times the monetary value of the property not declared. There are 2000 people from Mumbai, Kerala and Gujarat who are failed to declare. Out of 2000 citizens there are 900 people who belong Mumbai. The people who failed to declare the ownership of the properties but able to explain the source of funds may be charged of Rs 10 lakh. There are requirements to disclose the properties of foreign from 2011-12 under the foreign assets.