I-T dept may sell two dozen properties in FY20 over huge maintenance costs

These are located in prime locations in Delhi, Mumbai, Chennai, Bengaluru

Burdened by huge maintenance costs, the income-tax (I-T) department is likely to sell around two dozen properties scattered across the country in the current financial year (FY20). This is out of a stock of around 40-50 real estate assets that it had acquired under an old I-T Act provision relating to property undervaluation.

“These properties require timely maintenance, which is quite expensive. We are hoping to offload around two dozen of these this fiscal year through auction,” said a government official. 

Last year, around four properties were sold including two in Mumbai and one in Surat.

The properties the government is eyeing to