Keeep Away from benami Transactions
PROHIBITION OF BENAMI PROPERTY TRANSACTION ACT, 1988
Salient Features:
- The prohibition of Benami Property Transactions Act, 1988 (the Benami Act) came into effect from 01-011-2016.
- Benamidar (in whose name benami property is standing), beneficiary (who actually paid consideration ) and persons who abet and induce benamic 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 upto 5 years besides being liable to pay fine upto 10% of fair market value of benami property.
- Benami Property may be attached and confiscated by the Government.
- These actions ae in addition to action under other lawas such as Income Tax Act 1961.
- Black Money is crime against humanity.
- We urge every consiotiious citizen to help the Government in eradicating it.
visit: www.incometaxindia.gov.in, www.cleanmoney.gov.in