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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To address these deficiencies, several years later, inthe Govt of India introduced “Benami Transactions Prohibition Bill, “.
Benami Act provisions to come into force from 1 November
The Times Of India. Kan Singh AIR SCexplained Benami Transaction as “Where a person buys a property with his own money but in the name of another person without any intention to benefit such other person, the transaction is called benami.
Trnasaction Amendment Act provides wide powers to the authorities in relation to calling for information from, and impounding records of, any person including from any officer of the Government. The various forms of punishment under the Benami Act are as follows: This would also include the consideration received from such property.
Benami Transactions (Prohibition) Act – A Study in Comparison
Moreover, this will also increase the tax revenue for the Government by curbing unaccounted money into the system.
The Act also has safeguard mechanisms such as the adjudicating authority and the appellate mechanism for appeals.
Get done in 7 mins. Real Estate Sector in India is one of the few sectors that have witnessed exponential growth in the last two decades. The amended law empowers the specified authorities to provisionally attach benami properties which can eventually be confiscated.
Benami Transactions Prohibition Amended Act, Thus, it is abundantly clear that the intention of the legislature is to create a mechanism to curb and redress benami transactions.
Benami Act provisions to come into force from 1 November – Livemint
In the past few years, we have seen the government major steps to end black money dealings through various measures such as the black money act, Income Disclosure Scheme, demonetization, etc. It alerts me to changes taking place in the legal environment in South Africa that I may not otherwise have spotted or had immediate access to as a company lawyer.
It further prohibits a benamidar from transferring the benami property to the beneficial owner or any other person acting on his behalf.
When a property is held by:. Benami Transactions Prohibition Amendment Act, The act came into force on 5 September The following transactions also fall under the definition of Benami transactions: More from this Author.
Accordingly, the Benami Transactions Prohibition Act, was enacted by the Parliament which came into force on 19 May Any property, whether movable or immovable, tangible or intangible, which has been the subject matter of a Benami transaction, is a Benami property. Log In Sign Up. Follow Please login to follow content. In exercise of powers conferred under sub-section 2 of section 28 read with section 59 of the amended Prohibition of Benami Property Transactions Act,vide Notification No.
Your LinkedIn Connections at Firm. Continuing provisional attachment or ordering provisional attachment where not satisfied that property is not benami and refer a statement of case to Adjudicating Authority. Section 19 empowers any authority constituted under the Amendment Act to require any police officer, officer of the Central or State Government for conducting proceedings under the Act.
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The Act establishes four authorities who will be able to conduct inquiries regarding benami transactions: The Amendment Act increases the scope of transactions which qualify as benami and includes property transactions where:. Benami transactions have been a bane of the Indian economy since the s, requiring a comprehensive legislation to curb the effects of such transactions which cripple a growing economy.
It also states that properties held benami are liable for confiscation by the government without payment of compensation. Property Hotline – Your Queries Answered!!