Benami Transactions Act

The Income Tax department on Tuesday attached properties worth Rs 1,600 crores belonging to former AIADMK leader VK Sasikala under the provisions of the Benami Transactions (Prohibition) Act, IT sources said.

The Income-Tax Department has attached a "benami" plot worth Rs 400 crore in Noida belonging to BSP chief Mayawati's brother and his wife, an official order said.

Over 780 benami asset attachments worth crores of rupees run the risk of being invalidated in the near future as the government has failed to create a designated adjudicating authority for over a year-and-a-half since the stringent law was enforced to deal with black money and corruption.

The Prohibition of Benami Property Transactions Act provides for provisional attachment and subsequent confiscation of Benami properties, whether movable or immovable.

The department started initiating action under the new Benami Transactions (Prohibition) Amendment Act, 2016 from November 1, 2016.

The Income Tax Department has provisionally attached a plot of land and a house in connection with its probe in the Rs 1,000-crore benami land deals and tax evasion case allegedly involving family members of Bihar politician Lalu Yadav.

Questions on Goods and Services Tax (GST), benami transactions and schemes run by the central government were asked in the civil services preliminary examination held on 18 June 2017.

BJP President Amit Shah today said people with black money "fear" the Modi government, which has unearthed and undisclosed assets worth over Rs 1.37 lakh crore.

The stakeholders are not very clear about the impact of the changing environment on account of policy interventions like Real Estate (Regulation & Development) Act, 2016 (RERA), Benami Transactions (Prohibition) Amendment Act, 2016 and Goods and Services Tax (GST).

Benami property includes movable or immovable assets and property which is in name of someone other than the beneficial owner.

Though the Benami Transaction (Prohibition) Act, 1988 has been on the statue book for more than 28 years, the same could not be made operational because of certain inherent defects.

The Benami Transactions (Prohibition) Amendment Act, 2016, came into effect from November 1, 2016.

In advertisements issued in leading national dailies today, the Income Tax department stated: "Do not enter into benami transactions" as the Benami Property Transactions Act, 1988, is "now in action" from November 1, 2016.

The tax department today warned that those who undertake Benami transactions would invite Rigorous Imprisonment (RI) of up to 7 years and such violators would also stand to be charged under the normal I-T Act.

Initiating a stringent action against black money holders post notes ban, the Income Tax department on Monday said it has issued 87 notices and attached bank deposits worth crores in 42 cases nationwide under the newly enforced Benami Transactions Act which attracts a heavy penalty and rigorous jail term of a maximum 7 years.

The Income Tax department on Tuesday attached properties worth Rs 1,600 crores belonging to former AIADMK leader VK Sasikala under the provisions of the Benami Transactions (Prohibition) Act, IT sources said.

The Income-Tax Department has attached a "benami" plot worth Rs 400 crore in Noida belonging to BSP chief Mayawati's brother and his wife, an official order said.

Over 780 benami asset attachments worth crores of rupees run the risk of being invalidated in the near future as the government has failed to create a designated adjudicating authority for over a year-and-a-half since the stringent law was enforced to deal with black money and corruption.

The Prohibition of Benami Property Transactions Act provides for provisional attachment and subsequent confiscation of Benami properties, whether movable or immovable.

The department started initiating action under the new Benami Transactions (Prohibition) Amendment Act, 2016 from November 1, 2016.

The Income Tax Department has provisionally attached a plot of land and a house in connection with its probe in the Rs 1,000-crore benami land deals and tax evasion case allegedly involving family members of Bihar politician Lalu Yadav.

Questions on Goods and Services Tax (GST), benami transactions and schemes run by the central government were asked in the civil services preliminary examination held on 18 June 2017.

BJP President Amit Shah today said people with black money "fear" the Modi government, which has unearthed and undisclosed assets worth over Rs 1.37 lakh crore.

The stakeholders are not very clear about the impact of the changing environment on account of policy interventions like Real Estate (Regulation & Development) Act, 2016 (RERA), Benami Transactions (Prohibition) Amendment Act, 2016 and Goods and Services Tax (GST).

Benami property includes movable or immovable assets and property which is in name of someone other than the beneficial owner.

Though the Benami Transaction (Prohibition) Act, 1988 has been on the statue book for more than 28 years, the same could not be made operational because of certain inherent defects.

The Benami Transactions (Prohibition) Amendment Act, 2016, came into effect from November 1, 2016.

In advertisements issued in leading national dailies today, the Income Tax department stated: "Do not enter into benami transactions" as the Benami Property Transactions Act, 1988, is "now in action" from November 1, 2016.

The tax department today warned that those who undertake Benami transactions would invite Rigorous Imprisonment (RI) of up to 7 years and such violators would also stand to be charged under the normal I-T Act.

Initiating a stringent action against black money holders post notes ban, the Income Tax department on Monday said it has issued 87 notices and attached bank deposits worth crores in 42 cases nationwide under the newly enforced Benami Transactions Act which attracts a heavy penalty and rigorous jail term of a maximum 7 years.