Officials of the income tax and stamps and registrations departments have begun running after the persons who bought plots and villas paying black money from Emaar, Emaar MGF, Koneru Prasad, Stylish Holmes and others seeking source of their payments and collecting taxes and penalties from them.

The plot owners are however spending sleepless nights over the exercise for the fear of losing their money.

Officials of the two departments have collected the list of persons who bought plots showing a payment of Rs.5000 per square yard on paper but who actually paid anything between Rs. 15000 and Rs.50000 per square yard. In almost all cases, the excess amount over and above Rs.5000 per square yard was paid in black.

The authorities have decided to find out the sources of this payment in black and also to collect tax on the difference amount with some penalty. The registrations department has also decided to collect the registration fee for the excess amount paid in black as per Sections 26 and 64 of the Stamp Act.  (J)