Chennai: Around 7,500 Indians, who purchased posh properties in Dubai in the last few years, are under scanner of the Income Tax (I-T) department, according to a report by a news agency.
The I-T department has initiated a probe into the matter. The IT department’s Intelligence and Criminal Investigation (I&CI) wing has gathered the data pertaining to Indian nationals who have invested in real estate in Dubai. The I&CI wing is now trying to ascertain the souce of funds and whether details regarding the assets have been declared to the tax agency, the IE report says.
According to data compiled by Dubai Land Development, United Arab Emirates dirham (AED) 3 billion was invested by 1,387 Indian nationals through 1,550 real estate transactions in Dubai. In 2017, the investment stood at AED 15.6 billion. From 2013 to 2017, the total properties worth AED 83.65 billion were brought by Indian nationals in Dubai, the report says.
As per the existing laws in India, it is not illegal to have properties in Dubai. Resident and non-resident Indians can have own immovable properties abroad, as per Foreign Exchange Management Act of 1999.
Around 5,800 Indians were linked to properties in posh localities in Old Town Island, Emirates Living, Dubai Marina, Motor City, The World and Palm Jumeirah.