Elsewhere in these forums, the following is mentioned while talking about Benami Transaction Prohibition Act.
"THE BENAMI TRANSACTIONS (PROHIBITION) ACT, 1988
Sec 3. Prohibition of benami transactions- (1) No person shall enter into any benami transaction.
(2) Nothing in sub-section (1) shall apply to the purchase of property by any person in the name
of his wife or unmarried daughter and it shall be presumed, unless the contrary is proved, that the
said property had been purchased for the benefit of the wife of the unmarried daughter."
Can a housewife dispose off the property standing in her name? Is it necessary to have the consent of her children and/or her husband?
What are the implications of purchasing such property.
I may please be enlightened in this matter
Thanks