What is the meaning of the Benami transaction?

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..... y, 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. However, a transaction or an arrangement which satisfies conditions (A) and (B) above is not treated as benami when the property is held by: I. A Karta, or a member of a HUF, as the case may be, and the property is held for his benefit .....

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..... neal ascendant or descendant, where the names of brother or sister or lineal ascendant or descendent and the individual appear as joint-owners in any document, and the consideration for such property has been provided or paid out of the known sources of the individual. Examples Mr. A buys a house in the name of his sister-in-law Mrs. B. Payment has been made by A. He and his family live i .....

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..... m the liquor license. The transaction is a benami transaction. Mr. K is the benamidar. Mr. P is the beneficial owner and profits from such liquor business shall be the benami property. [Illustration from Keep away from Benami Transaction leaflet issued by the Income Tax Department]. (b) A transaction or an arrangement in respect of a property carried out or made in a fictitious name; E .....

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