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TMI BlogBenami Transaction (Prohibition) Act 2016.X X X X Extracts X X X X X X X X Extracts X X X X ..... Can anyone please explain me the definition of a Benami Transaction as per the new ammended Act ?2016 - Reply By YAGAY AND SUN - The Reply = What is benami transaction? The Benami transaction is any transaction in which property is transferred to one person for consideration paid by another person in other words, person who pays for the property does not buy it in his own name. The person i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n whose name property is purchased is called Benamdar and property so purchased is called Benami property. Exclusion to Benami transactions. Property held in the name of Children or spouse. Property jointly held with brother/sisters for which amount is paid out of known source of income. HUF buying property in the name of Karta Property held by someone in fiduciary capacity e.g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . trustee, partner, director of company etc. Key Highlights Benami Transactions (Prohibition) Amendment Act, 2016 Persons indulging in benami transactions may face up to 7 years imprisonment and fine. Furnishing false information is punishable by imprisonment up to 5 years and fine Properties held benami are liable for confiscation by government without compensation Initia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting Officer may pass an order to continue holding property and may then refer case to Adjudicating Authority which will then examine evidence and pass an order. Appellate Tribunal will hear appeals against orders of Adjudicating Authority. High Court can hear appeals against orders of Appellate Tribunal. - Reply By Aitha RajyaLakshmi - The Reply = Thank u Sir, But in the definition the w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ordings are like (A) A transaction or an arrangement (a) where a property is transferred to .or is held by,a person and the consideration for such property has been provided, or paid by, another person; and (b) the property is held for the immediate or future benefit, direct or indirect, of the person who has provided the consideration, I was not able to differentiate between the two above. Wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ether the both are inclusive conditions or both are different? - Reply By YAGAY AND SUN - The Reply = These wordings represents the language of law. You may check either dictionary meaning or check the interpretation of Statue etc in details to know the difference in those wordings. - Benami Transaction (Prohibition) Act 2016. - Query Started By: - Aitha RajyaLakshmi Dated:- 13-3-2017 Other T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opics - Got 3 Replies - Indian Laws - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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