Benami property transactions
10 months ago
A land property purchased by brother in sister's (house wife )name in 1975 her husband was govt employee with 300/ pm salary. Value of property Rs.18000/.sister is claiming its his property purchased with sale of Ornament in fact no stree dhan was with her . Can it be termed Benami property by Income Tax
department of she fails to prove source of Income.
As per Section 2(9) of Benami transaction act, the Act defines: “benami transaction” as — a transaction or an arrangement—
(a) where a property is transferred to, or is held by, a person, and the consideration for such property has been provided, or paid by, another person;
(b) the property is held for the immediate or future benefit, direct or indirect, of the person who has provided the consideration. Thus in this case if it can be proved with credible evidence that the sister did not have adequate income to purchase it, it can be classified as a benumb property
Anonymous
Replied 10 months ago
Benami act came in force from 1988 .amended in 2016
This transaction pertains to 1975 whether benami provision was there in any form at that time also .
If matter is reported to IT department they will investigate ?? If found right properly will be confiscated
Or penalty will be imposed or 3_7 year jail or all the above penalty will be imposed
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