benami property
kumar sachin
(Querist) 03 January 2009
This query is : Resolved
what is benami transaction and benami property
Uma parameswaran
(Expert) 03 January 2009
Benami trancaion is one by which property is transerred or registered in the name of a person bu the consideration is paid by another.
J K Agrawal
(Expert) 04 January 2009
I agree with The answer by UMA. In Benami transaction the actual owner of property is some other person but the property is in the name of some other person in official records.
The motive behind such transaction may be to defraud the creditors, or to conceal a property and earnings from family members and relatives or to use black money or to carry on some illegal work over the property and so on.
The Benami Transaction Prohibition Act prohibits such transaction if it is intended to defraud the creditors. Otherwise there is no law declaring such a transaction invalid.
RAKHI BUDHIRAJA ADVOCATE
(Expert) 05 January 2009
I do agree with my both friends. In Benami transaction the actual owner of property is some other person but the property is in the name of some other person in official records.
sanjeev murthy desai
(Expert) 05 January 2009
When one man claims title in a property that stands in another's name the latter person is called benami to the other.
the said benami transactions prohibitted under the The Benami Transactions (prohibition Act 1988.
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