Benami Transactions (Prohibition) Bill, Purpose: To prohibit holding property Benami and restrict the right to recover or transfer such property. THE BENAMI TRANSACTIONS (PROHIBITION) ACT, An Act to prohibit benami transactions and the right to recover properly held benami and for. Subsequently, in the year , a Bill called “The Benami Transactions ( Prohibition) Bill, ″, was introduced in the Parliament wherein.
|Published (Last):||15 October 2017|
|PDF File Size:||6.25 Mb|
|ePub File Size:||14.43 Mb|
|Price:||Free* [*Free Regsitration Required]|
New Benami law to allow property in spouse, siblings’ name
In conclusion, it is stated that benamu of the Act appear to be quite effective for the purpose of checking the benami transactions and as a result thereof to check evasion of tax and black money circulation in the society. Chairperson or the member of Hill Authority has to be a member of Indian Revenue Service who holds the post of Commissioner of Income-tax or a member of Indian Legal Service who holds the post of Joint Secretary or equivalent post thereto.
Although benami transactions are now illegal, the act had limited success in curbing them. For the purpose of implementing the provisions of Act, the Act provides for appointment of following authorities: The Act provides that no person shall enter into any benami transaction or even get any property transferred in his name or hold the same.
It can be expected that provisions of the Act will be implemented earnestly and with all fairness to achieve transactiion purpose of the Act as well as not causing hardships in bona fide cases. It is stated that provisions of the Act are quite stringent and any person who is involved in benami transaction or any person who abets or induces such transaction shall be liable for the prosecution.
Stand up and express the divinity within you. Find this comment offensive? He would also normally not acquire property in the name of father or mother unless there is intention to hide the real source of investment or to avoid tax on the income arising there from.
In addition, any person who prohibihion gives false information shall tranaction liable to an imprisonment of three months to two years and a fine of up transction 10 per cent of the market value of the property. Chairman of Appellate Tribunal shall be either a sitting or a retired judge of a High Court who has completed not less than five years of service.
The aforesaid section empowers the Initiating Officer to issue a notice only if: It has, however, been provided in sub-section 2 of section 27 that if any person has acquired the property from the benamidar for adequate consideration, prior to issue of the notice by the Initiating Officer without having knowledge of the benami transaction, the Adjudicating Authority shall have no power to confiscate such property.
Certain sessions courts would be designated as Special Courts for trying any offences which are punishable under the Bill.
Analysis of Provisions of Prohibition of Benami Property Transactions Act, « AIFTP
Besides, it had a longer term of imprisonment of up to three years. This page was last edited on 5 Novemberat Your Reason has been Reported to the admin.
Accordingly, the Benami Transactions Prohibition Act, was enacted benani the Parliament which came into force on 19 May The Adjudicating Officer, after hearing the prohbiition whose property is attached, may make an order for the confiscation of the property held benami.
She said the new Bill contains elaborate provisions dealing with the definition of benami transaction and benami property, prohibited benami transactions, consequences lrohibition entering into a prohibited benami transaction and the procedure for implementing the benami law. Skip to main content. All the persons summoned by any of the Authorities appointed under the Act shall be bound to attend in person or through agent as may be directed by the Authority and shall be bound to state the truth and produce such tdansaction as may be required.
All you need to know about benami transactions Bill
In case the property is held jointly by more than one person, notice shall be issued to all persons holding the property. Provisions of the Act for discussion purpose can be categorised in following four heads as under: Archived from the original PDF on Benami Transactions Prohibition Bill The Bill also specifies certain cases will be exempt from the definition of a benami transaction.
At the end of the notice period, the Initiating Officer may pass an order to continue the holding of the property. The Bill, however, could not be passed and it had lapsed.
New Benami law to allow property in spouse, siblings’ name – The Economic Times
Section 49 of the Act further provides that any party aggrieved by any decision or order of Appellate Tribunal may file an appeal to the High Court within a period of sixty days from the date of communication of the decision or order of the Appellate Tribunal to him on any question of law arising out of such prohinition.
A benamidar is a person or fictitious person in whose name the property is held or transferred. There are due checks provided in the form of prior approval of Approving Authority and for passing the order by the Adjudicating Authority.
The act bans all benami transactiln and gives the government the right to recover property held benami without paying any compensation. The Bill provides that the Adjudicating Authority and the Appellate Tribunal established under the Prevention of Money laundering Act,shall also be the same for the purposes of this Act. The High Court, however, can condone the delay in filing the appeal.
The Benami Transactions Prohibition Bill, Will be displayed Will not be displayed Will be displayed. As a result, the aforesaid Act remained ineffective for a long period, may be for the reason that there was no political will to implement the Act and make the same effective. This article is closed for comments. He is empowered to take such probibition as may be necessary and as may be directed by the Central Government to dispose of the property vested in the Central Government in such manner and subject to such conditions as may be prescribed.
From Wikipedia, the free encyclopedia. However, due to various deficiencies in the Act, the rules required bfnami operationalizing the Act were not framed.
Properties purchased in the name of spouse or siblings could be allowed under benami deals with the government today approving a transcation legislation to replace a year old act that remained unimplemented due to “infirmities” in it.
The Bill defines benami transaction as an arrangement where a property is held by a person other than in fiduciary capacity on behalf of another person who has paid for it; or b the transaction is made for a property in a fictitious name; or c the owner of the property is not aware of or denies knowledge of such ownership.
For the purpose of the Act, the Central Government has the power to constitute lrohibition Appellate Tribunal for hearing the appeals against the orders of the Adjudicating Authority and the Appellate Tribunal shall constitute of a Chairperson and at least two other members of which one shall be a Judicial Member and other shall be Administrative Member.