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RuleMate India

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SHORT ANSWER: Yes, the Income Tax Department can check property purchases. DETAILS: - The department can investigate property transactions to ensure proper reporting of income and tax compliance. - They may scrutinize the source of funds used for purchasing properties. PUNISHMENT / IMPLICATIONS (if applicable): - If discrepancies are found, penalties may be imposed, and additional taxes may be levied. SOURCE: - Income Tax Act, 1961
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