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Practical Guide to the Prohibition of Benami Property (Transaction Act, 1988, Along with 300+FAQs)

Practical Guide to the Prohibition of Benami Property (Transaction Act, 1988, Along with 300+FAQs)

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Description
Benami transactions prevalent in India were an accepted custom in most of the communities and were even recognized by law. However, with the passage of time it was realized that the benami transactions are not always legal or harmless and these transactions are increasingly being used to avoid payment of taxes, to bypass some Central/state laws, to defraud the creditors or close relatives, etc. Indirectly, the benami transactions also contributed towards concentration of wealth (properties) in the hands of selected few. In the real estate sector, investments were often made in benami names. The Government of India has always been focussing to curb black money from the Indian economy. In view of the above discussed undesired developments, the government felt the need to enact a law for Benami, so that the objectionable /harmful benami transactions could be checked/curtailed. For example, it is expected that there would be more transparency in the real estate sector in view of less demand from the speculators, who used to park their black money through benami route. It was felt that there is a need of a book on this subject, which may satisfy the queries of common man in general and the practicing CAs, advocates, businessmen and the income tax officers in particular. Accordingly, keeping this perspective in mind, we have written this book. In this book, we have captured the legal provisions, explanations, frequently asked questions and the practical issues concerning the benami property and what the law speaks about it. As a result of implementation of the provisions of this Act and the enhanced awareness in the society, it is expected that the menace of benami transactions and its ill effects would be substantially reduced.
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Table of Contents
Introduction
Chapter 1 : Preliminary
Chapter 2 : Prohibition of Benami Property Transactions
Chapter 3 : Authorities
Chapter 4 : Attachment, Adjudication and Confiscation
Chapter 5 : Appellate Tribunal
Chapter 6 : Special Courts
Chapter 7 : Offences and Prosecution
Chapter 8 : Miscellaneous
Chapter 9 : Comparison with Other Acts and Suggestions
Chapter 10 : Appendices
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Author Details
Sunil Kumar Gupta
Pawan Singh Tomar
Foreword by
Nirmala Sitharaman,
Hon' ble Minister of Finance and Corporate Affairs, Government of India

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