Clause 187 - Undisclosed income declared not to be treated as benami transaction in certain cases - Finance Bill, 2016

Undisclosed income declared not to be treated as benami transaction in certain cases 187. The provisions of the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) shall not apply in respect of the declaration of undisclosed income made in the form of investment in any asset, if the asset existing in the name of a benamidar is transferred to the declarant, being the person who provides the consideration for such asset, or his legal representative, within the period notified by the Central Government.