India, April 24 -- The Income Tax Department's surveys and spot verifications in Punjab, Haryana, Himachal Pradesh, Chandigarh, Jammu and Kashmir and Ladakh have revealed over 2.5 lakh property transactions worth Rs.3.12 lakh crore in this region in the last one year that were either not reported or reported with the wrong PAN details, familiar with the development said.

The numbers, which likely point to so-called "black" money , were significant in Gurugram, Chandigarh, Faridabad, Sonepat, Karnal and a few other districts, the people added, asking not to be named.

Section 285BA of the Income Tax Act requires reporting authorities including the banks, sub-registrar offices (SROs), NBFCs, mutual funds, etc to submit Statement of Financi...