The original law relating to Benami transactions was laid down in The Benami Transactions (Prohibition) Act, This Act consisted of only. An Act further to amend the Benami Transactions (Prohibition) Act, BE it enacted by Parliament in the Sixty-seventh Year of the Republic. Benami Property Transactions Act, has been amended by the Benami Transactions (Prohibition) Amendment Act, (BTP Amendment.
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The person who pays for the property rpohibition the real beneficiary, either at present or at some point in the future, but is not recorded as the legal owner of the property. India January 2 Though the Benami Transactions Prohibition Act, has been on the statute book since more than 28 years, the same could not be made operational because of certain inherent defects.
With a view to providing effective regime for prohibition of benami transactions, the said Act was amended through the Benami Transactions Prohibition Amended Act, Instances of Benami transactions Punishment under the Benami act. A fresh breath of professionalism will be ushered in. Several benami transactions have been identified since the coming into effect of the amended law. Upon passing of the order, the Initiating Officer shall refer the same to the Adjudicating Authority for hearing and orders.
An Act to prohibit benami transactions and the right to recover property held benami and for sct connected therewith or incidental thereto. The Government has put in place empowered institutions for efficient implementation of the amended law.
Benami Property Transactions Act, – Meaning & Provisions
In that case the transferee holds the property for the benefit of the person who has contributed the purchase money, and he is the real owner. Although benami transactions are now illegal, the act had limited success in curbing them.
Energy and Natural Resources. Beneficial owner, Benamidar Any other person who abets or induces any person to enter into benami transaction The offences are non-cognizable and non-bailable.
The real estate sector has been one of the top-most contributors to the country’s Gross Domestic Product GDP and employment creation. The Amendment Act also empowers the Central Government to confiscate any benami property. The Times Ttransaction India.
Benami Transactions Prohibition Amendment Act, The word “Benami” means anonymous or nameless and the term “Benami Transaction” is used to describe a transaction where one person pays for property but the property is transferred to or held by somebody else.
Benami Transactions (Prohibition) Act, 1988
When a property is held by:. Real estate is considered as one of the major avenues for investment of unaccounted money in India. Paid E-filing by Expert CAs. All real estate transactions shall now be in the name of the actual owner who is paying the consideration from his known sources.
Retrieved 26 July Benami Transactions – Law In India. Media, Telecoms, IT, Entertainment. The amended law empowers the specified authorities to provisionally attach benami properties which can eventually be confiscated. Thus, it is abundantly clear that the intention of the legislature is to create a mechanism to curb and redress benami transactions.
However, the Primary Act was not comprehensive enough and lacked to make a big impact. Follow Please login to follow content.
Benami Transactions (Prohibition) Act – A Study in Comparison
The Primary Act had several loopholes, including the absence of an appellate mechanism and lack of provisions for vesting of the confiscated property with the Central government. The act came into force on 5 September prohibiion Chapter IV of the Amendment Act lays down the procedure for attachment, adjudication and confiscation of benami property and Section 24 of the Amendment Act provides the accused an opportunity to show cause as to why a property should not be treated as a benami property, thus opening a scope for trial.
The Amendment Act also deems every proceeding instituted by any of the authorities involving discovery, proihbition, summons, etc.
Specialist advice should be sought about your specific circumstances. This would also include the consideration received from such property. Real Estate Webinar Jan 12, Video. If you would like to learn how Lexology can drive your content marketing strategy forward, please email enquiries lexology.
Benami Transactions (Prohibition) Act, – Wikipedia
The Amendment Act provides wide powers to the authorities in relation to calling for information from, transaxtion impounding records of, any person including from any officer of the Government.
This page was last edited proohibition 5 Novemberat The Amendment Act is one amongst a series of legislations being passed by the Government to stop circulation of unauthorized currency and purchase of unaccounted property in India.
Out of these, provisional attachment has already been effected in cases. FREE software to e-file tax return of your clients. The Developer further rebutted that only upon such verification by the concerned relevant authorities that the said plots were included in the list prepared by DTCP.