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Benami Act: Buying property in mother\'s name can land you in jail for 7 years
Transactions under Benami (Prohibition)
Amendment 2016 came into effect on November 1, unless you are a co-property holder of your mother, father, or sibling, you may be jailed for indulging in the benami transaction.
Under the amended Act, you can only purchase the property in the name of the spouse or in the name of the child, and cannot become a co-holder.
The bill has been enforced by the IT department.
A senior finance minister official told DNA on Monday that under the revised Benami Transaction Act 2016, it had issued 87 notices and attached bank deposits in 42 cases across the country.
IT will then continue to review other benami transactions such as real estate and stocks.
It\'s not just real estate that a person can be sued.
The new Act defines property as any asset, whether it is like a stock, penny stock, RTGS, or real estate (land home)
Tangible or intangible, Corporal or non
Corporal of any document or any instrument or any interest or any right.
If you look at the wording, almost everything is included in this new Benami Transaction Act 2016.
The new bill clearly states: \"No Benami transaction shall be made by anyone.
A person includes an individual, a human resource, a company and a company or a person of jurisdiction.
The property is transferred or held by a person, and the consideration of the property is provided or paid by someone else, in order to provide the direct or indirect interest of the person under consideration.
Treasury sources said the move was taken because people with black money were buying the property and depositing the money in a fictitious name.
They are not owners on paper but enjoy all the benefits.
A senior Treasury official said, \"It is speculated that some corrupt political leaders, government officials and developers are the ones who are most addicted to the Benami deal.
Under this revised bill, we want most people to come forward and announce their benami deal.
\"The government has provided a window to all Benamidars and their beneficiaries as of March 31, 2017 for them to come forward and announce their illegal transactions.
Benami property means any property purchased through black money or in the name of another person to hide the actual ownership of the property.
The government has revised 28-year-
The old original Benami transaction act of the new strict Benami transaction 1988 (Prohibition)
Amendment No. 2016, which came into force on November 1, 2016.
Now, all those who buy property in the name of a mother, father or sibling without becoming a common shareholder are now facing seven years in prison.
They will also have to face a fine of 25 cents for the fair market price of the property.
The government will confiscate the property without making any payment to Benamidar.
Beneficiaries must declare the Benami transaction by March 31, 2017.
Money from these illegal transactions must be declared and deposited under 2016 of Prime Minister Gary Calia Ayana.