BENAMI TRANSACTIONS PROHIBITION ACT PDF

December 6, What is Benami Transactions Prohibition Amendment Act One of the leading issue in Indian economy is the effort made by the government to tackle the problem of black money and related illegal economic activities. Several efforts were made by the government to fight black money, money laundering etc. One such serious and sound step is enactment of the Benami Transactions Prohibition Amendment Act The Act is going to be an ace weapon to track and trap blakc money supplementing the Income Declaration Scheme and the demonetisation programme launched by the government. Already, the tax department has taken measures against two big recent disclosures Rs 2 lakh crore and Rs crore on the ground of benami property. This is using the New Act.

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December 6, What is Benami Transactions Prohibition Amendment Act One of the leading issue in Indian economy is the effort made by the government to tackle the problem of black money and related illegal economic activities. Several efforts were made by the government to fight black money, money laundering etc. One such serious and sound step is enactment of the Benami Transactions Prohibition Amendment Act The Act is going to be an ace weapon to track and trap blakc money supplementing the Income Declaration Scheme and the demonetisation programme launched by the government.

Already, the tax department has taken measures against two big recent disclosures Rs 2 lakh crore and Rs crore on the ground of benami property. This is using the New Act. Compared to the previous legislation, the modified Act is more clear and stern in terms of its treatment of Benami Property Transactions. Properties held benami are liable for confiscation by the Government without payment of compensation.

There is no compensation by the government if the property is confiscated. The Act is tries to sort out the weaknesses of the existing provisions and is remarkable in terms of the following features: i it amends the definition of benami transactions, ii it establishes adjudicating authorities and an Appellate Tribunal to deal with benami transactions, and iii it specifies the penalty for entering into benami transactions.

What is Benami transaction? The amendment broadens benami transaction by adding few more areas. The existing Act defines a benami transaction as a transaction where a property is held by or transferred to a person, but has been provided for or paid by another person. The Act amends this definition to add other transactions such as property transactions where: i the transaction is made in a fictitious name, ii the owner is not aware of denies knowledge of the ownership of the property, or iii the person providing the consideration for the property is not traceable.

Property transactions among family members is not benami transaction. Here, the Act clearly sets the limit of relationship. Only lineal ascendants father, mother, grandparents and great grandparents and lineal descendants children, grandchildren and greatgrandchildren are considered as family members. Creation of institutional framework for the implementation of the law. The main weakness of the existing Act was that there was lack of an institutional machinery to carryout ani-Benami transaction procedures.

Here, the amendment creates the required institutional arrangements for implementation of the law. Under the Act, an Authority to acquire benami properties was to be established by the Rules. The Bill seeks to establish four authorities to conduct inquiries or investigations regarding benami transactions: i Initiating Officer, iii Administrator and iv Adjudicating Authority.

The Act gives the Initiating Officer the power to enquire into any person, place, documents or property in the course of investigation into any matter related to a benami property transaction. Interestingly, the Act covers all domestic benami property transactions conducted since What is Benami Property?

Simply, benami property is the one whose legal owner is different from the actual owner. The amended Act gives a comprehensive definition of benami property. As per the amendment, Benami property includes: immovable assets such as land, flat or house, movable assets such as gold, stocks, mutual fund holdings, bank deposits etc.

If the property is sold, then the proceeds from the sale is also included under benami property. False information face about benami transaction will end up in rigorous imprisonment for up to five years and will have to pay a fine of up to 10 per cent of the market value of the property.

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What is Benami Transactions (Prohibition) Amendment Act, 2016?

Prohibition of benami transactions. Property held benami liable to confiscation. Prohibition on retransfer of property by benamidar— 1 No person being benamidar shall retransfer the benami property held by him to the beneficial owner or any other person acting on his behalf. Adjudicating Authority. Constitution of benches of adjudicating authority.

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