To understand whether i made a benami transaction a sper law
anurag
(Querist) 30 November 2016
This query is : Resolved
Hello Sir,
Me and wife are salaried employee.We bought a flat in joint name ( myself and wife) for 83 lakhs by getting a loan of 60 lakhs for remaining 23 lakhs , 15 lakhs was given by my mother from her provident fund and 8 lakhs from my wife and my savings.
The mistake i made is that i asked my mother to pay 15 lakhs by cheque directly to builder from her account,instead of first transferring it to my account .
Now due to this 15 lks transaction will my property become benami as per the new benami act 2016 .Please help me on the same.
Thanks and regards
Hemant Agarwal
(Expert) 30 November 2016
1. Irrespective of the amount taken from Mother-in-Law, the property still would stand in your names and hence would not be a benami transaction.
2. Mother-in-Law, may execute a affidavit stating that 15 lakhs is Gifted or Loaned to her daughter by way of her contribution. Mother-in-Law "MUST" necessarily show the transaction in her income tax returns.
Keep Smiling .... Hemant Agarwal
VISIT: http://www.maharashtra-society-help-forum.com
Sri Vijayan.A
(Expert) 30 November 2016
Dear Anurag,
This is not benami transaction.
Your mother gifted a sum of Rs.8L to you.
That's all
Rajendra K Goyal
(Expert) 01 December 2016
Parents can gift to their child.
Rest is paid by you.
She can not claim ownership on the property due to this payment.
Kumar Doab
(Expert) 01 December 2016
Agreed with experts.
You may keep written record as suggested by Mr. Hemant Agarwal.
anurag
(Querist) 01 December 2016
Thank you everyone for there quick responses , it reduced a lot of stress :)
Kumar Doab
(Expert) 01 December 2016
You are welcome.
Kumar Doab
(Expert) 01 December 2016
Don't hesitate to consult a very able counsel for any issues that you face or might face again.
Further your own counsel specializing in matters bothering you, shall advise you appropriately, if the need be, at any point of time in future, for this or any other matter.
While choosing your counsel take help of elders in your family, your family counsel, near and dear ones...........................and avoid pretenders ,abusers....................
We are trying to address it also in many threads e.g;
http://www.lawyersclubindia.com/experts/I-am-looking-for-clean-lawyer-624476.asp
You may go thru profile of all experts that have participated in this thread and all threads mentioned under Forum/Experts/etc and form your own opinion......................and avoid abusers and those that are loitering many forums to fleece...
Rajendra K Goyal
(Expert) 01 December 2016
It is good some authors are courteous to thank the efforts.
Kumar Doab
(Expert) 01 December 2016
It is indeed good to see that some authors do come back to thank the experts for their selfless service.
Kumar Doab
(Expert) 01 December 2016
It is indeed good to see that authors/querist shall be careful and vigilant and avoid abusers and those that are loitering many forums to fleece...
http://www.lawyersclubindia.com/experts/Schedule-iv-of-id-act-624506.asp
