Highlights 1 Gujarat property dealer denies Rs 13,860 crore declared under IDS is his. 3 Shah failed to pay first installment of tax amounting to Rs 1,560 crore. Property dealer Mahesh Shah, who had declared a whopping Rs 13,860 crore of undisclosed wealth under the Income Declaration Scheme (IDS), today appeared on a television show claiming that the money did not belong to him, only to be held by Income Tax officials for questioning. Shah's disclosure under the Centre's IDS, which ended in September, accounts for over 20 per cent of the total Rs 65,000 crore declared under the scheme. He was supposed to pay Rs 1,560 crore, which is 25 per cent of 45 per cent tax on the disclosed amount, as the first installment.

Source: India Today December 03, 2016 17:13 UTC