Laundering act, 2010 v il of 2010 and the companies ordinance, 1984 of 1984. Both section 7 of the benami act and section 4 of the benami ordinance repeal section 82 of the trusts act keeping section 81 of the trusts act intact. Benami transactions prohibition act, 1988 is an act of the parliament of india that prohibits certain types of financial transactions. The prohibition of benami property transactions act, 1988 y t. Prohibition of benami property transactions act, 1988 income tax. An act further to amend the benami transactions prohibition act, 1988. Benami transaction prohibition act, 1988 history of benami transactions benami is a persian term which essentially means something without a name. Apr 08, 2019 the original law relating to benami transactions was laid down in the benami transactions prohibition act, this act consisted of only. Benami transaction prohibition of benami transactions. The provisions of sections 3, 5 and 8 shall come into force on 01. Contents page benami lawblack money law at a glance i9 division one prohibition of benami property transactions act, 1988 with rules prohibition of benami property transactions act, 1988 as amended by the finance no. The benami transactions prohibition amendment act, 2016. The benami transactions prohibition act property lawsin india at, a website for indian laws and bareacts, legal advice. Prohibition of benami property transactions act, 1988 india code.
Prohibition of benami property transactions act, 1988. Benami transactions prohibition act, 1988 wikimili. Prohibition of the right to recover property held benami. Benami transactions prohibition act, 1988 name changed to prohibition of benami property transactions act, 1988 by section 3 of the 2016 amendment is an act of the parliament of india that prohibits certain types of financial transactions. Prohibition of benami transactions 1 no person shall enter into any benami transaction. Learning outcomes after reading this chapter, you will be able to understand.
Benami transactions prohibition act, 1988 wikimili, the. Benami property benami property means any property which is the subject matter of a benami transaction and also includes the proceeds from such property property means assets of any kind, whether movable or immovable, tangible or intangible, corporeal or incorporeal and includes any right or interest or legal documents or. Specialized anti benami units have been set up by the income tax department across the country and in almost every state and thousands of properties already stand attached under the prohibition of benami property transactions act, 1988 as amended in 2016 hereinafter benami act. Definitions page 1 the benami transactionsprohibitions act, 1988 bare acts in india statutes and laws free download bare acts and case laws in india have been extensively discussed here, the laws pass by the parliament and its implementation in the. Section 3 prohibition of benami transactions prohibition. The benami transactions prohibition act, 2016 national.
The benami transactions prohibition act, 1988 an act to prohibit benami transactions and the right to recover properly held benami and for matters corrected therewith or incidental thereto. Section 3 in the benami transactions prohibition act. Aug 01, 2019 benami transaction prohibition act 1988 pdf the original law relating to benami transactions was laid down in the benami transactions prohibition act, this act consisted of only. Benami property transactions act, 1988 has been amended by the benami transactions prohibition amendment act, 2016 btp amendment act. An act to prohibit benami transactions and the right to recover property held benami and for matters connected therewith or incidental thereto.
In initial stage there were various infirmities in the legislation and same have been shorted out by amendment in act, 1988, through benami transactions prohibition amendment act, 2016. Prohibition of benami transactions prohibition of benami transactions. The benami transactions prohibition act, 1988 45 of 1988 5 th september, 1988. Benami transaction prohibition act, 1988 consultease. Section 3 prohibition of benami transactions prohibition of benami property transactions act, 1988. The act defines a benami transaction as any transaction in which property is. Benami transaction prohibition act 1988 pdf the original law relating to benami transactions was laid down in the benami transactions prohibition act, this act consisted of.
The prohibition of benami property transactions act 1988 transactions act 1988 by 10by 10thtthhth august 2016 amendment 2016 amendment 72 sections72 sections prohibition of prohibition of benamibenamibenamiproperty transactions property transactions rules 2016 the amended act and rules effective from 1stssttst november 2016. Prohibition of benami property transaction act icsi. Feb 23, 2019 several amendments were made to the existing benami transactions prohibition act, 1988 and the benami law in its new avataar came into force w. After coming into effect of the benami transactions prohibition amendment act, the existing benami transactions prohibition act, 1988 shall be renamed as. The term benami transaction covers a transaction or arrangement where a property is transferred to, or is held by, a person for a consideration provided, or paid by, another person. This article endeavors to give you a birds eye view of. Such a property is considered benami and illegal under the prohibition of benami. Prohibition of benami property transactions rules, 2016. How benami law changes impact both old and new property.
The pbpt act prohibits recovery of the property held benami from benamidar by the real. Be it enacted by parliament in the sixtyseventh year of the republic of india as. The benami transactions prohibition amendment bill, 2015 a bill further to amend the benami transactions prohibition act, 1988. It can be a property of any kind, whether movable or immovable, acquired by way of benami transaction. Benami transaction prohibition act, 1988 history of benami transactions. Benami lawblack money law at a glance i9 division one prohibition of benami property transactions act, 1988 with rules prohibition of benami property transactions act, 1988 as amended by the finance no. Prohibition of benami property transactions act, 1988 reg. Benami is a persian term which essentially means something without a name.
The benami transactions prohibition amendment act, 2016 came into effect from 1. Therefore an asset without a legal owner or a fictitious owner is called benami. Nothing in this act shall affect the provisions of section 53 of the transfer of property act, 1882 4 of 1882, or any law relating to transfers for an illegal purpose. The prohibition of benami transactions act, 1988 3 page by ca nirmal ghorawat for private circulation only 5. Overview of prohibition of benami property transactions act, 1988. The rules and all the provisions of the btp amendment act shall come into force on 1st november, 2016. Chapter prohibition of benami transactions prohibition of benami transactions. Be it enacted by parliament in the sixtysixth year of the republic of india as follows. Benami transactions act prohibition, 1988 bare acts. Know all about benami property act pdf pradhan mantri yojana. Benami transaction under the prohibition of benami. Be it enacted by parliament in the thirtyninth year of the republic of india as follows. The original law relating to benami transactions was laid down in the benami transactions prohibition act, this act consisted of only.
The pbpt act prohibits recovery of the property held benami from benamidar by the real owner. The prohibition of benami property transactions act, 1988 vasai branch of wirc, icai. Overview of prohibition of benami property transactions. Section 3 in the benami transactions prohibition act, 1988. Several amendments were made to the existing benami transactions prohibition act, 1988 and the benami law in its new avataar came into force w. Home actsofparliamentfromtheyear the prohibition of benami property transactions act, 1988 the prohibition of benami property transactions act, 1988 language undefined. Prohibition on retransfer of property by benamidar. The amendment act brings within its purview several changes to the benami transactions prohibition act, 1988 1988 act. The pbpt act defines benami transactions, prohibits them and further provides that violation of the pbpt act is punishable with imprisonment and fine. The benami transactions prohibition act 1988 property lawsin india at, a website for indian laws and bareacts, legal advice and law documents in india. Income tax department prohibition of benami property transactions act, 1988.
Benami transaction prohibition of benami transactions act, 1988. Benami transactions prohibition act, 1988 wikipedia. Read more about prohibition of benami property transactions act, 1988 on business standard. The prohibition of benami property transactions act, 1988. After coming into effect of the btp amendment act, the existing benami transactions prohibition act, 1988 shall be renamed as prohibition of benami property transactions act, 1988 pbpt act. So, a benami property is a property bought by the original owner using a proxy. This act may be called the prohibition of benami property transactions act, 1988 it extends to the whole of india except the state of jammu and kashmir. The benami transactions prohibition act, 1988 maharashtra. Home actsofparliamentfromtheyear the prohibition of benami property transactions act, 1988.
As explained above the amendments made to the existing act have far reaching implications and some unintended. Know all about benami property act pdf, people who doesnt pay their taxes and who always try to evade their taxes in some way or the other are the ones responsible for accumulating black money in the economy. The act defines a benami transaction as any transaction in which property is transferred to one person for consideration paid by another person. Be it enacted by parliament in the sixtyseventh year of the republic of india as follows.
Properties held benami are liable for confiscation. The benami transaction prohibition act was first enacted in 1988 but has not been notified due to some infirmities. The benami transactions prohibition amendment bill, 2015 14 the benami transactions prohibition amendment bill, 2015 cleared by cabinat. Benami transactions prohibition act section 4 judgments. Specialized antibenami units have been set up by the income tax department across the country and in almost every state and thousands of properties already stand attached under the prohibition of benami property transactions act, 1988 as amended in 2016 hereinafter benami act. Whoever enters into any benami transaction on and after the date of commencement of the benami transactions prohibition amendment act, 2016, shall, be punishable in accordance with the provisions contained in chapter vii. Apr 29, 2019 in initial stage there were various infirmities in the legislation and same have been shorted out by amendment in act, 1988, through benami transactions prohibition amendment act, 2016. About transactions which are benami in nature and persons who are benamidar. Special offer on gst package for cas as per the mou with icai. An act to prohibit benami transactions and the right to recover properly held benami and matters connected therewith or incidental thereto. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts.
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