Millionaires in UP cities evade tax on crores of property; IT Dept uncovers massive scam

• Income Tax Department investigation in UP and Uttarakhand reveals large-scale irregularities in property transactions.
• Properties worth crores were bought and sold without PAN cards, violating income tax rules and causing revenue loss.
• Hundreds of such deals found in Kanpur, Agra, Meerut, Noida, where transactions exceeded ₹50,000 without PAN.
• Millionaires misused Form-60 to purchase properties worth crores, despite showing very low annual income.
• IT officials suspect a large black money laundering conspiracy, with deliberate understatement of property prices and cash transactions to evade tax and stamp duty.

Why It Matters: IT Dept uncovers massive tax evasion by UP millionaires using property deals without PAN cards.