What is Benami Property And Transaction?
If You are going to buy Any Property, you must need to know about the Benami Property. Some people may have a question. What is Benami property and transaction? Just Relax, I will update you with all the essential details. If you want to buy A House than have a look at This article about Pradhan Mantri Awas Yojana.
Benami Property means one whose price has been paid by someone else but the name is of another person. It should be purchased with the name of your wife, children and other relatives. If This kind of property has been purchased by such name then, it is called anomalous.
Benami Property Amendment Act 2016
The Anonymous Property should be in the form of real estate and financial documents. It’s a part of the black money. It is impossible to buy the property with their current source which is adequate. So there is no any legal or valid documents of it on the buyer’s name. Ttsvy Both parties responsible for Benami deal.
If this property is on the name of your children and your wife, and you are not clarifying in the income tax return then, it should be considered as Benami property.
The Government of India can investigate the property holder then, it can send the notice and ask for the documents. The property owner must show it within 90 days. If they found any jumble then, they can take a legal action.
What Is Anonymous Property Act 2016?
The parliament of India passed this act in 1988. On 1st November 2016, The Amendment Of Benami Property Act has been passed in the parliament.
Transgression of Benami Transaction
- 3 to 7 years prison.
- 25% of Penalty on the market price of the property. If someone is giving the wrong information then, 10% of penalty on the market price of the property and 6 months to 5 years prison.
- If you can not prove that anonymous property is yours then that property will be Confiscated by the government.
Key Points Of Benami Property Amendment Act 2016:
Properties purchased on the suspicious names is also included. In Some situations, the property owners are not aware of their proprietary rights. The person who carried out in a deal should be also arrested.
In order to hide the black money, The Benami Property is largely brought in the Indian Economy.
There are many people in India whose money is not accounted and they do not pay the tax.
Benami Sampatti 2016
If the property is in the name of close family members then, it should not be considered anonymous property. But If it is in name of the third party, It will be considered and it will be confiscated by the government.
According to Announcement Plan, a person can declare his Benami Property and he will be relieved under the Benami Property Act Amendment 2016.
After the declaration of assets, they have to pay 45 percent of property and he will be the property owner after one year.
The Government of India has declared that the assets of charity and religious organisation should not be considered under this law.
Conclusion Of Anonymous Assets
This is the part of prevention of black money. The black money Cought up the economy of India.
If you want more information about Benami Property Amendment Bill then, leave a comment in the below comment box.