Benami (Anonymous) Property Transactions Act is now in action which is effective from 1st November 2016. Do not enter into Benami Transactions notifies Income Tax Department in its latest advert.
Salient features of prohibition of Benami Property Transactions Act, 1988 –
- The Prohibition of Benami Property Transactions Act, 1988 (Benami Act) came into effect from 01.11.2016
- 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 up to 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 the Benami Act 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
- Benami property may be attached and confiscated by the Government
- These actions are in addition to actions under other laws such as Income-tax Act, 1961
Black money is a crime against humanity. Income Tax Department urge every conscientious citizen to help the Government in eradicating it.
Issues by Income Tax Department, www.incometaxindia.gov.in