Pvt valuers may vet property deals

NEW DELHI: Warning bells are ringing for those who evade taxes when buying and selling property. You may not be able to dodge the taxman any more by projecting a low value of your assets to pay lower income tax.

The income tax department is planning to rope in reputed private valuers to evaluate your assets including house, land, plant and machinery and even furniture.

The valuers would be empanelled by the income-tax department to arrive at the actual tax liability of an assessee. With the move, people showing a lower price of their house for tax purposes would not be able to do so as experts from the sector would aid the department in determining the market value of the property.

Initially, only big cities such as Delhi, Mumbai, Bangalore and Kolkata would be covered. The department is talking to valuers like SC Billimoria and Bansi Lal, sources said.

“We are talking to some valuers who would be able to provide expertise in valuation to our income-tax department officials. It would be both for movable as well as immovable property,” said a senior government official.

The department was earlier taking the help of central public works department for valuation procedures. However, with increased workload, bringing in private expertise has been found a more feasible option.