Another case of benami transaction upsurges
Another case of benami transaction has been detected in the region of Solan, where a Faridabad resident bought a 110-bigha land in Kandaghat tehsil through the cash given to him by a Delhi-based company.
Investigations conducted by the police revealed that Laxmi Ram Sharma was an agriculturist from the state of Himachal, but was residing in Faridabad. The probe revealed that he had bought this land for Rs 65 lakh, which was provided to him by Ananda Projects Private Limited.
Sharma had entered into an agreement with the said company to buy land on their behalf and it was found that he was not even a shareholder in the company as had earlier been claimed. Since all directors of this company were non-Himachalis, it was a case of benami transaction, it said.
These kinds of cases have become very regular in these days. People especially companies often tend to do this in order to avoid the dispute or other tax issues that might arise. Problems like this have to be dealt in a better way by finding a proper remedy. It is often found that poor people in dire need of money become the middle man.
Source: The Tribune
Benami property ownership, Benami Transaction, Benami Transactions Prohibition Bill, Ostensible ownership
