Section 8 - Substitution of new sections for sections 5 and 6 - Benami Transactions (Prohibition) Amendment Act, 2016

Substitution of new sections for sections 5 and 6. 8. For sections 5 and 6 of the principal Act, the following sections shall be substituted, namely:- Property held benami liable to confiscation. 5. Any property, which is subject matter of benami transaction, shall be liable to be confiscated by the Central Government. Prohibition on re-transfer of property by benamidar. 6. (1) No person, being a benamidar shall re-transfer the benami property held by him to the beneficial owner or any other person acting on his behalf. (2) Where any property is re-transferred in contravention of the provisions of sub-section (1), the transaction of such property shall be deemed to be null and void. (3) The provisions of sub-section (1) and (2) shall not apply to a transfer made in accordance with the provisions of section 190 of the Finance Act, 2016. (28 of 2016.)