Aadhar Linkage with Property Transactions Goes Mandatory

After Prime Minister Narendra Modi had imposed ban on the big currency notes on October 2016, a much hyped controversy was on air emphasizing that the immovable properties in India involve even more black money than that of cash. However, the Government has always been with the notion that demonetisation was the perfect step to tussle against black money.

On the other hand, another big step to fight black money is just close at hand. It has been a rampant case where some superfluous people are seen to pay for certain properties which, in reality, are owned by different heads. Such benami transactions often involve a hoard of black money which has to be brought to an end immediately. According to the ministry level, a transaction between two people can never be clear or sea-through; but such large-value operation like property deals should always be kept an eye on.

Now that the Government has asked the home buyers to link their Aadhaar number with their property documents, it will actually act as a great initiative to fight against black money. All the fictitious property deals that might have happened under false names will come into seize while the black money holders will also be racked into perfectly. Once the Aadhaar linkage is done, the income tax department can come up to the legal owners any time and in case, they are found unaware of the knowledge of the ownership, it will be considered as a benami property.

Aadhar linkage with property transactions has now become mandatory. The ministry level from Union Housing has made sure that there is no doubt that the linkage will happen shortly. Such an astute move will not only go a long way to impede black money usage, but will also clean-up benami properties. The Prime Minister has mentioned that the trial to crack down on benami properties will surely come to a sheer end with Aadhar linkage with property deals. Though any formal announcement has not been made yet, still certain programme like Aadhar linkage with bank accounts only reinstates the call.