What is Benami Property?
Taking forward the war against corruption, Prime Minister Narendra Modi took a vow to crack the whip on nameless/ Fake or benami property holders. In Man Ki Baat Radio Programme he added that to effectively deal with ‘benami’ properties, he will soon operationalise a strong law. Benami property is held for the benefit – indirect or direct- of the person paying the amount in order to buy the real estate property.
You must be wondering exactly what is Benami Property? Let us check out the real meaning of Benami Property- Benami fundamentally refers to real estate property without a name. In such sort of transaction anyone who pays for the real estate property does not buys it under his/her own name. The person on whose name this concerned property has been bought is called the Benamdar. Moreover, the property so purchased is known to be as Benami real estate property. The person who actually finances the deal is the real owner of the real estate property. ‘
Any sort of assets that is intangible or tangible, any right or interest, immovable or movable, or legal documents, further financial securities, gold or silver could qualify to be Nameless assets or benami asset.
What is not a Benami Property or Benami Transaction? A joint property with sister, brother or other relatives for which the property buying amount is paid out of known sources of income is not a Benami Property. Real estate Property held under the name of child or spouse for which the property buying amount is being paid through a known source of income is not a Benami Property or that transaction is not a Benami Transaction.
Real estate property that is held by a person in a fiduciary capacity is not a Benami Property. In other words, transaction that involves a beneficiary and a trustee is not a Benami Transaction.
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