Benami Transaction
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 [...] Continue Reading »
Benami transactions are one of the ways in which black money is circulated and invested. The Benami Transactions (Prohibition) Bill 2011, introduced by Finance Minister Pranab Mukherjee, will replace the existing Benami Transactions (Prohibition) Act, 1988. The Bill seeks to prohibit the holding of property in benami and restrict the right to recover or transfer [...] Continue Reading »
Under the new Benami law, properties purchased in the name of spouse or siblings or any lineal ascendant or descendant could be allowed under benami deals and would not be subject to penal provisions. Home minister P Chidambaram, however, is learnt to have opposed the same, while favoring the inclusion of spouse. He said at [...] Continue Reading »
Acquiring property in the name of the husband by his wife would be Benami no more. The government to amend the Benami Transaction (Prohibition) Act The government plans to amend the Benami Transaction (Prohibition) Act. Under the existing law, the law defines a benami transaction as a deal in which a property is transferred to [...] Continue Reading »
