Chandigarh, September 27
The Income Tax Department investigating the alleged tax evasion in Punjab MLA Society-Tata Housing Development Company (THDC) project at Kansal has issued notices to 96 legislators, asking them to disclose the “capital gains” made by them in the deal.

According to sources, as per the deal, each legislator was to get Rs 82.5 lakh in cash and a four-bedroom flat. IT officials suspect that in each MLA would have made at least Rs 30-40 lakh profit on their investments.

It may be recalled, that sleuths of the IT Department had swooped on offices of Hash Builders Pvt Ltd in Sector 40 and three other related business houses on August 21 after preliminary investigations revealed that it was not the THDC, which had bought about 22 acres belonging to Punjab MLAs Housing Society in Kansal for a whopping Rs 106 crore, but Hash Builders that was making payments running into crores to the societies

Senior IT officials said about Rs 40 crore of the agreed amount had been paid to the members of the society.

Notices have also been served to the members of another society - Defence Service Society, Kansal, that had also got into a similar deal with THDC. This deal involved a payment of Rs 125 crore to the societies, distributed among the members and a flat to each.

According to an official, most of the members have not declared the amount received and the capital gain made their on in their IT returns.