Financial Daily from THE HINDU group of publications
Wednesday, Mar 30, 2005

Port Info

Group Sites

Opinion - Letters

Black money in property deals

It is astonishing that the actual areas of black money circulation, chiefly property deals, escape attention, while the Finance Minister keeps stressing the merits of the cash transaction tax.

Even a genuine payment such as an EMI will trace a trail of bribery and fraud. The extent of corruption in property transactions can be attributed to our historical lust for acquiring land.

One possible way to control it could be to declare a minimum registration cost for each area, and bringing a law that anybody can acquire the registered property within 60 days on paying 20 per cent more. This will reveal the real value of the property. Property tax can then be self-assessed at some percentage of the property value.

This will open up a new era where people can honestly and fearlessly declare their property value and the tax they pay.

S. S. Kumar


Letters to the editor and contributions can be sent by e-mail to:

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Seeds Bill: A rich harvest for MNCs?

Taxing FBT
Chalta phirta PCO
Corporate crime and punishment
Vehicle parked between Sonia and Spiders
Agony of the Asian oil premium
VAT will be, will be
Basel II: Many unanswered questions
Merger mania
Black money in property deals

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line