BENAMI TRANSACTIONS PROHIBITION ACT 1988 PDF

However, in the present context, it means proxy. So, a benami property is a property bought by the original owner using a proxy. This helps him park his unaccounted money safely while avoiding paying taxes to the government at the same time. Benami transactions are quite prevalent in land purchases, where unaccounted money is used to make the purchase. In the last few months we have seen a major crackdown on Benami properties and their owners by the Government. Specialized Anti-Benami units have been set up by the Income Tax department across the country and in almost every state and thousands of properties already stand attached under the Prohibition of Benami Property Transactions Act, [as amended in ] hereinafter "Benami Act".

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However, in the present context, it means proxy. So, a benami property is a property bought by the original owner using a proxy. This helps him park his unaccounted money safely while avoiding paying taxes to the government at the same time.

Benami transactions are quite prevalent in land purchases, where unaccounted money is used to make the purchase. In the last few months we have seen a major crackdown on Benami properties and their owners by the Government. However due to some political gaps and some other reasons this act could never came into force for almost 28 years.

Now under this Act Benami includes every transaction, properties either moveable or immovable, bank accounts and any other transaction, which falls within the purview of this law. It must be noted that, contrary to popular misconception, the application of benami law is not confined to immoveable properties alone.

Benami transactions have been a part of Indian society for a while. One of the earliest instances of recognition of this practice can be traced to a Calcutta case wherein — a person purchased property in the name of his wife, and the same was held to be fictitious and therefore invalid.

However, in the next few decades, the judicial stance towards Benami became a little less certain and there was considerable ambivalence with respect to the legality of the concept. The Privy Council in fact observed that the idea was quite unobjectionable. Implications of entering into a Benami Transaction 1. Prosecution, which could leads to imprisonment for a terms of minimum one year, and could extent to maximum of 7 years.

Notice regarding Benami Transaction Where the Initiating Officer, on the basis of material in his possession, has reason to believe that any person is a benamidar in respect of a property, he may, after recording reasons in writing, issue a notice within a period of 30 days to the person to show cause within such time as may be specified in the notice why the property should not be treated as benami property.

Notice will be issued to a Benamidar c any interested party, including a banking company d any person who has made a claim in respect of the property Any such notice may be addressed as follows — S No. Notice to be addressed to- 1.

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Benami Transaction (Prohibition) Act, 1988

However, in the present context, it means proxy. So, a benami property is a property bought by the original owner using a proxy. This helps him park his unaccounted money safely while avoiding paying taxes to the government at the same time. Benami transactions are quite prevalent in land purchases, where unaccounted money is used to make the purchase. In the last few months we have seen a major crackdown on Benami properties and their owners by the Government.

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