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    Benami Transactions (Prohibition) Amended Act 2016

    Posted By : Devashish / Published on : 02-Dec-2017 04:06 PM / View : 1255 / Comment : 2

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    Dear All If any person, who have done some transactions before 2016, and now after coming this act into force, those transactions became Benami. My question is whether this Benami Act is applicable to those transactions happened before 2016 and, if Yes then, what will be the Consequences and Effects of this act on those Transactions (Penalty/Fine/Imprisonment). Whether there is any exemption available to Assessee???
    Read more on : amended prohibition transactions benami

    • In my view, No act can be enforceable prior to its implementation until specifically provided in the act.

      The amended law empowers the specified authorities to provisionally attach benami properties which can eventually be confiscated.

      Besides, if a person is found guilty of offence of benami transaction by the competent court, he shall be punishable with rigorous imprisonment for a term not less than one year but which may extend to 7 years and shall also be liable to fine which may extend to 25% of the fair market value of the property.

      29-07-2018 / 01:05:46 PM
    • What disclosures required?

      Disclosure of any proceedings initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 with all details like Details of such property, including year of acquisition, Amount, Beneficiaries, reference to the item in the Balance Sheet (if it is in Books of account), If property is not in the books, then the fact shall be stated with reasons, any proceedings against the company under this law as an abetter of the transaction or as the transferor then the details shall be provided, Nature of proceedings, status of same and company’s view on same.

      22-09-2022 / 07:06:44 AM
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