holder of benami property

Aashish (Querist) 04 October 2010 This query is : Resolved
If a person acquires a benami property from its holder for valid consideration, will such holder in due course be liable for prosecution?

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Khaleel Ahmed Mohammed (Expert) 04 October 2010
As per law there is no Benami properties.The Benami properties have been abolished as per legislation. The person in whose name property have purchased is called the real owner.

Devajyoti Barman (Expert) 04 October 2010
Yes, I agree.
The exception however is made for the wife and the children in whose name if the property is bought in benam.

Rajeev kulshreshtha (Expert) 04 October 2010
I also agree.

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