Benami transactions bill news and updates from the. Group 8 benami transactions act ppt free download as powerpoint presentation. In order to understand what benami transactions are, lets break it down into 2 parts, first lets understand what the term benami indicates followed by the term of. A shoutout to the taxcompliant vsv is expected to resolve a major part of direct tax litigations worth about rs 4. Benami transactions prohibition amendment act, 2016 real. Benami transactions bill introduced in parliament 18 aug, 2011, 11. The burden of proving the benami transaction is on the claimant. We use your linkedin profile and activity data to personalize ads and to show you more relevant ads. Key highlights of benami transactions prohibition amendment act, 2016 a brief introduction the income tax department has notified that the benami transactions prohibition. Real estate regulation and development act and land acquisition rehabilitation and resettlement amendment bill 2015, aimed at. The present government brought in the benami transactions prohibitoin amendment bill in may 2015 and, after passage in parliament, it came into effect from 1. Benami transactions prohibition act, 1988 wikipedia. The benami transactions prohibition act, 2017 act no.
The benami transactions prohibition amendment bill, 2015 was introduced in lok sabha and the bill seeks to amend the benami transactions act, 198 which prohibits. 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. Benami transactions prohibition bill 2015 on th may 2015. Analyzing the adequacy of electronic transactions bill. A benami transaction, as defined under section 29 of the act is a. The aim of the paper is to understand position of law regarding section 41 and 53 of transfer of property act, 1882, what is the difference in these sections and benami. The bill seeks to amend the benami transactions act, 1988.
Benami transactions prohibition amendment act, 2016 lexology. T he person putting in the money is actually the one controlli ng the. Evolution of concept of benami transaction in india. The benami transactions prohibition amendment bill, 2015 was introduced in the lok sabha on may, 2015 to amend the benami transactions act of 1988. The benami transactions prohibition amendment act, 2016. Benami transactions news latest benami transactions news. Last month, the lok sabha passed a comprehensive benami transactions prohibition amendment bill 2015, with the intent of. 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. 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.
The act which was passed in 1988, defined a benami transaction as a transaction where a property is held by or transferred to a person, but. Analysis of new stringent law to prohibit benami transactions. Note on benami transactions prohibition act, 2016 general this note provides brief understanding of the proposed benami act text of the act is enclosed which has been. A lot of times to avoid tax, a property could be obta ined in someones elses name. The recently passed cybercrimes prohibition, prevention, etc act, 2015 and the electronic transactions bill 2015 which is currently awaiting presidential assent. On th may, 2015 the benami transactions prohibition amendment bill, 2015 hereinafter referred as the amendment bill, 2015 was introduced in lok sabha in order to. Benami transactions prohibition act, 1988 is an act of the parliament of india that prohibits. The benami transactions prohibition amendment act 2016, which was passed by parliament in august this year, has come into effect. The benami transaction prohibition act was first enacted in 1988 but has not been notified due to some infirmities.
As with all other regulations, such as the real estate regulation and development act and the land acquisition rehabilitation and resettlement amendment bill. Monday april 17, 2017 alethnien rajab 21, 1438 somavara chaitra 27, 1939, at 03. The benami transaction prohibition amendment act, 2016 is the result of passing of 2015 amendment bill and has provided a exhaustive definition of benami. The lok sabha has passed comprehensive benami transactions prohibition amendment bill, 2015 to curb domestic black money. Benami property transactions and penalties for it bill. People generally ask whether he or she can purchase a property in the name of a person who may be a relative, friend or an employee etc. All you need to know about benami transactions bill the. Senate passes bill to curb benami transactions pakistan. It is a proven fact that black money and corruption hampers development and growth of the nation. The benami transactions prohibition amendment bill, 2015 was introduced in lok sabha on may, last year by finance minister arun jaitley. Byrajat jain, advocatevaish associate advocatesthis article has been published by taxmann on july 22, 2017, 2017 83 235 article.
By clearing the 2015 amendment bill, the implementation of the provisions to control benami transaction is hoped to be achieved efficiently. An act further to amend the benami transactions prohibition act, 1988. The benami transactions prohibitionamendment bill, 2015, interalia, provides for the following namely. Benami transactions tracing the evolution of benami law in. For section 2 of the principal act, the following section. The benami transactions prohibition amendment bill, 2015 was introduced in lok sabha on may, 2015. Under section 511 of the bill, where any person enters into a benami transaction or holds benami property in order to defeat the provisions of any law or to avoid payment of statutory. Rigorous imprisonment of up to 7 years for benami transactions.
This act may be called the benami transactions prohibition act, 1988. The narendra modiled government has already been successful in getting the undisclosed foreign income and assets imposition of tax bill, 2015, passed in parliament. The prohibition of benami property transaction act, 1988 is an amendment of the older benami transaction prohibition act. Benami transactions bill, 2015 linkedin slideshare. Under hindu law it is meant to mean a property that has been held under. Benami transactions bill adding a name to the face.
It means a property is held by a person on behalf of another person who has paid for it or b the transaction is made for a property in a fictitious name. Benami transactions prohibition amendment bill, 2015. The benami transactions prohibition amendment bill, 2015 was introduced in lok sabha on may, last year by. A benami property can also be one where the person who made a payment for the property cannot be traced for any reason. Benami transactions is commonly accepted in india is that where a person buys property. Benami transactions prohibition amendment act 2016 ias.
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