Benami Property may be attached and confiscated by the Government

Benami Property may be attached and confiscated by the Government

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Benami Property may be attached and confiscated by the Government

Actions under Benami Property are in addition to actions under other laws such as Income Tax Act, 1961. Benami Property may be attached and confiscated by the Government.
Benami transaction is an arrangement in which a property (movable or immovable) is transferred to or held in the name of one person (Benami), but is actually owned and enjoyed by another person (beneficial owner). Some exceptions have been specified in the Act.
 Benamidar (in whose name Benami property is standing), beneficiary (who actually paid consideration) and persons who abet and induce benami transactions are prosecutable and may face rigorous imprisonment upto 7 years besides being liable to pay fine upto 25% of fair market value of Benami property.
Persons who furnish false information to authorities under Prohibition of Benami Property Transactions act 2016, are prosecutable and may be imprisoned up to 5 years besides being liable to pay fine up to 10% of fair market value of Benami Property.

ENTERING INTO BENAMI TRANSACTIONS IS ILLEGAL AND PUNISHABLE

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