Benami Transactions Bill Summary - PRSIndia.
Explanation.βFor the removal of doubts, it is hereby declared that benami transaction shall not include any transaction involving the allowing of possession of any property to be taken or retained in part performance of a contract referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882), if, under any law for the time being in force,β.
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. The act defines a 'benami' transaction as any transaction in which property is transferred to one person for consideration paid by another person.
Comments Off on FBR urged to introduce Benami Transaction (Prohibition) Act, 2015 Tax Reform Commission (TRC) has asked the Federal Board of Revenue (FBR) to take a major documentation measure by introducing the Benami Transaction (Prohibition) Act 2015 in budget (2015-16).
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 approved on August 16, 2016 by the National Assembly's Standing Committee on Finance and has now been forwarded to the National Assembly for its consideration. This is.
Complete Prohibition of Benami Property Transactions Act with list of Chapters and Sections. Chapter 1 Section 1 - Short title, extent and commencement; Section 2 - Definitions; CHAPTER II Section 3 - Prohibition of benami transactions; Section 4 - Prohibition of the right to recover property held benami.
The prohibition of Benami Property Transaction Act, 1988 is an amendment of the older Benami transaction (prohibition) Act. 1988 and has come into force from 01.11.2016. It prohibits illegal benami transaction and provides imprisonment up to seven years and the fine for violation of the act, which may extend to 25% of the fair market value of the benami property.
The Benami Transactions (Prohibition) Amendment Bill, 2015 was introduced in Lok Sabha on May 13, 2015. The Bill seeks to amend the Benami Transactions Act, 1988. The Act prohibits benami transactions and provides for confiscating benami properties.