What is the meaning of benami property?

The term ‘Benami’ in Hindi translates to ‘no name’ or ‘without name’. Benami transactions or Benami property would be one where a person’s own name is not used but the name of another person or a fictitious person is used instead.

What does the word benami mean?

without a name
The word benami means “without a name”. In simple terms, benami transaction refers to any transaction made by a person without using his name or by using the name of another person. As an example, a benami property is a property bought by a person in the name of another person.

Is benami legal in India?

To future its purpose, they carried out significant amendments in the Benami Transactions (Prohibition) Act, 1988 (‘BTPA’). Leading up to the BTPA, there was no embargo on Benami Transaction and was recognized as legally valid by Indian Courts (2) .

What is a benami company?

Benami is an Urdu word that means “without name” or “no name”. In this Act, the word is used to define a transaction in which the real beneficiary is not the one in whose name the property is purchased. As a result, the person in whose name the property is purchased is just a mask of the real beneficiary.

How can Benami property be traced?

Benami transactions have been a part of Indian society for a while. One of the earliest instances of recognition of this practice can be traced to a Calcutta case wherein – a person purchased property in the name of his wife, and the same was held to be fictitious and therefore invalid.

How do I inform Benami property?

To file the complaint, go to https://www.incometaxindiaefiling.gov.in/home. Click on ‘Submit Tax Evasion Petition or Benami Property holding’ option on the Bottom Left corner. You shall be asked if you wish to file complaint with or without claim for reward.

How can benami property be traced?

How do I prove a transaction on benami?

To prove benami, the most important point is to examine the source of consideration and along with that there are certain other criteria which should be taken into account. Apart from the relationship between the parties, there must be some material or evidence to support the case of benami of the transaction.

What is Benami transaction?

Benami means, a transaction where a person buys a property with his own money but in the name of another person. Literally benami means without name viz; a transaction affected by a person without using his own name.

How do I complain about benami property?

The complaint can be filed through a link on the e-filing website of the income tax department https://www.incometaxindiaefiling.gov.in/ under the head “File complaint of tax evasion/undisclosed foreign asset/ benami property”.

What is a black money?

What Is Black Money? Black money includes all funds earned through illegal activity and otherwise legal income that is not recorded for tax purposes. Black money proceeds are usually received in cash from underground economic activity and, as such, are not taxed.

How do I inform benami property?

What is the meaning of the word Benami?

Narayan 4 years ago. The word benami property means the property which has purchased in the name of some person other than the person who has financed it. The person who has rendered the required money for the said purchase has not purchased it in his name but in the name of some other persons neme.

What makes a property a benami property in India?

The property which is held by a person in the name of other person but the price has been paid by someone else or somebody uses his/her name to allow someone to buy any house, land or any other property. Moreover, making fixed deposits in bank accounts by other names is also considered a Benami property. What is Benami Property?

What do you need to know about Benami Act?

Benami property or assets, therefore, is a reference to property/assets whose actual owner is not the person in whose name it is. That is, property or shares, fixed deposits, debentures and bank accounts held by someone for someone else.

What kind of transaction is a benami transaction?

The act defines a ‘benami’ transaction as any transaction in which property is transferred to one person for consideration paid by another person.