Q:Earlier the benami transactions are defined as a “transaction where a property is held by or transferred to a person, but has been provided for or paid by another person”. This Act has amended this definition by to add other transactions which qualify as benami,
Latest Answer: Hi folks.....
For your knowledge, i would like to mention few points that you property will considered as "Benami Property" in the eyes of law.....
A transaction is considered as benami where a property is transferred to or is held by a person and the consideration for such property has been provided or paid by another person.
In these cases, the property is held for the immediate or future benefit, direct or indirect, of the person who has provided its payment.
Lok Sabha passed the bill on July 27 and Rajya Sabha gave its nod on August 2.
