31:
142:
Benami is an Urdu word that means "without name" or "nameless". In this Act, the word is used to define a transaction in which the real beneficiary is not the one in whose name the property is purchased. As a result, the person in whose name the property is purchased is just a mask of the real
133:
The act came into force on 5 September 1988. Although benami transactions are now illegal, the act had limited success in curbing them. Updated versions were therefore passed in 2011 and 2016, seeking to more comprehensively enforce the prohibitions.
187:
117:
that prohibits certain types of financial transactions. The act defines a 'benami' transaction as any transaction in which property is transferred to one person for consideration paid by another person. Such transactions were a feature of the
307:(US$ 122.85 million) were under attachment in more than 400 proxy transaction cases identified so far. Furthermore, the government has set up 24 Benami Prohibition Units (BPUs) across India for taking action under the Benami Act.
190:, will help the Government in its fight against black money both within and outside the country. The 2016 Act also has safeguard mechanisms such as the adjudicating authority and the appellate mechanism for appeals.
193:
The act "prohibits illegal benami transactions, and provides imprisonment up to seven years and fine for violation of the Act which may extend to 25% of the fair market value of the benami property."
535:
749:
155:
after studying various Acts and prevailing benami system, recommended formulating an Act to tackle the issue. Accordingly, the Benami
Transactions (Prohibition) Act, 1988 was enacted by the
162:
However, due to various deficiencies in the Act, the rules required for operationalizing the Act were not framed. To address these deficiencies, several years later, in 2011, the
627:
512:
182:
as "The Benami
Transactions (Prohibition) Amendment Act, 2016". Thereafter, the Government notified the provisions of the act to come into force from 1 November 2016.
761:
945:
919:
903:
677:
545:
950:
744:
588:
481:
609:
650:
433:
316:
130:
problem. The act bans all benami transactions and gives the government the right to recover property held benami without paying any compensation.
58:
An Act to prohibit benami transactions and the right to recover property held benami and for matters connected therewith or incidental thereto.
855:
783:
773:
390:
567:
778:
756:
850:
845:
670:
705:
725:
955:
335:
940:
715:
663:
871:
804:
824:
893:
152:
440:
70:
THE BENAMI TRANSACTIONS (PROHIBITION) ACT, 1988; THE BENAMI TRANSACTIONS (PROHIBITION) AMENDMENT ACT, 2016
898:
819:
206:
The Act establishes four authorities who will be able to conduct inquiries regarding benami transactions:
123:
768:
829:
809:
710:
700:
179:
156:
114:
78:
38:
814:
540:
517:
127:
397:
686:
110:
888:
457:
236:
183:
119:
293:
250:
Additional
Commissioner of Income-Tax (AdlCIT) or a Joint Commissioner of Income-Tax(JCIT)
175:
232:
Assistant
Commissioner of Income-Tax (ACIT) or a Deputy Commissioner of Income-Tax (DCIT)
421:
356:
934:
163:
881:
188:
Black Money (Undisclosed
Foreign Income and Assets) and Imposition of Tax Act, 2015
720:
297:
49:
30:
610:"India: Concise Overview Of The Prohibition Of Benami Transactions Act, 1988"
300:
that after coming into force from 1 November 2016, properties worth over
391:"58th Report of the Standing Committee on Finance on the BTP Bill, 2011"
385:
383:
381:
178:
decided to amend the original act which was subsequently passed by the
655:
876:
659:
628:"Benami properties worth over Rs 800 crore attached: Centre"
750:
Investigation
Division of the Central Board of Direct Taxes
536:"Cabinet approves new act to deal with benami transactions"
357:"THE BENAMI TRANSACTIONS (PROHIBITION) AMENDMENT ACT, 2016"
166:
589:"Benami Act provisions to come into force from 1 November"
482:"Benami Act provisions to come into force from 1 November"
513:"Smart things to know about benami property transactions"
651:
107:
Prohibition of Benami
Property Transactions Act, 1988
267:
Possession and management of properties confiscated
912:
864:
838:
792:
734:
693:
84:
74:
66:
37:
23:
530:
528:
762:Chairperson Central Board of Excise & Customs
336:"THE BENAMI TRANSACTIONS (PROHIBITION) ACT, 1988"
174:In an attempt to curb black money, in July 2016,
459:The Benami Transactions (Prohibition) Act, 1988
24:The Benami Transactions (Prohibition) Act, 1988
671:
8:
920:Cairn Energy and Government of India dispute
186:reported that the Benami act along with the
904:Tax Deduction and Collection Account Number
800:Benami Transactions (Prohibition) Act, 1988
568:"Cabinet approves benami transactions bill"
434:"Benami Transaction_Prohibition_ Act, 1988"
103:Benami Transactions (Prohibition) Act, 1988
745:Chairperson, Central Board of Direct Taxes
678:
664:
656:
422:Gazette notification of the 2016 amendment
109:by section 3 of the 2016 amendment) is an
507:
505:
503:
208:
126:, and were thought to contribute to the
327:
317:List of acts of the Parliament of India
55:
159:which came into force on 19 May 1988.
122:, usually relating to the purchase of
20:
856:Voluntary Disclosure of Income Scheme
462:. Universal Law Publishing. p. 1
281:Confiscation and vesting of property
7:
946:Acts of the Parliament of India 1988
784:Tax Administration Reform Commission
774:Central Economic Intelligence Bureau
779:Directorate of Revenue Intelligence
757:Central Board of Excise and Customs
851:Pradhan Mantri Garib Kalyan Yojana
14:
951:Anti-corruption measures in India
29:
846:Income declaration scheme, 2016
544:. 21 July 2011. Archived from
16:Act of the Parliament of India
1:
253:Notice to furnish evidence
972:
716:Securities Transaction Tax
805:Expenditure Tax Act, 1987
92:
44:
28:
825:The Income-tax Act, 1961
264:Income Tax Officer (ITO)
894:Tax Collected at Source
278:Officers Drawn from ITD
153:Law Commission of India
899:Tax Deducted at Source
820:Interest Tax Act, 1974
706:Goods and Services Tax
275:Adjudicating Authority
124:property (real estate)
769:Income Tax Department
292:On 26 July 2017, the
830:Wealth Tax Act, 1957
726:Value-added taxation
364:The Gazette of India
956:Modi administration
810:Finance Act (India)
711:Income tax in India
701:Central Excise Duty
247:Approving Authority
180:Parliament of India
115:Parliament of India
79:Parliament of India
39:Parliament of India
872:Income Tax Returns
815:Gift Tax Act, 1958
541:The Times of India
521:, 28 November 2016
518:The Economic Times
446:on 12 August 2013.
403:on 22 October 2013
229:Initiating Officer
128:Indian black money
941:Taxation in India
928:
927:
687:Taxation in India
488:. 28 October 2016
285:
284:
218:Post of Authority
215:Name of Authority
105:(name changed to
100:
99:
963:
889:Indian tax forms
680:
673:
666:
657:
639:
638:
636:
634:
624:
618:
617:
606:
600:
599:
597:
595:
585:
579:
578:
576:
574:
564:
558:
557:
555:
553:
548:on 23 April 2013
532:
523:
522:
509:
498:
497:
495:
493:
478:
472:
471:
469:
467:
454:
448:
447:
445:
439:. Archived from
438:
430:
424:
419:
413:
412:
410:
408:
402:
396:. Archived from
395:
387:
376:
375:
373:
371:
366:. 11 August 2016
361:
353:
347:
346:
340:
332:
306:
304:
209:
33:
21:
971:
970:
966:
965:
964:
962:
961:
960:
931:
930:
929:
924:
908:
860:
834:
788:
730:
689:
684:
647:
642:
632:
630:
626:
625:
621:
608:
607:
603:
593:
591:
587:
586:
582:
572:
570:
566:
565:
561:
551:
549:
534:
533:
526:
511:
510:
501:
491:
489:
480:
479:
475:
465:
463:
456:
455:
451:
443:
436:
432:
431:
427:
420:
416:
406:
404:
400:
393:
389:
388:
379:
369:
367:
359:
355:
354:
350:
338:
334:
333:
329:
325:
313:
302:
301:
294:Modi government
290:
221:Responsibility
204:
199:
176:Modi government
172:
149:
140:
75:Enacted by
62:
59:
54:
53:
17:
12:
11:
5:
969:
967:
959:
958:
953:
948:
943:
933:
932:
926:
925:
923:
922:
916:
914:
910:
909:
907:
906:
901:
896:
891:
886:
885:
884:
879:
868:
866:
862:
861:
859:
858:
853:
848:
842:
840:
836:
835:
833:
832:
827:
822:
817:
812:
807:
802:
796:
794:
790:
789:
787:
786:
781:
776:
771:
766:
765:
764:
754:
753:
752:
747:
738:
736:
732:
731:
729:
728:
723:
718:
713:
708:
703:
697:
695:
691:
690:
685:
683:
682:
675:
668:
660:
654:
653:
646:
645:External links
643:
641:
640:
619:
601:
580:
559:
524:
499:
473:
449:
425:
414:
377:
348:
326:
324:
321:
320:
319:
312:
309:
289:
286:
283:
282:
279:
276:
273:
269:
268:
265:
262:
259:
255:
254:
251:
248:
245:
241:
240:
233:
230:
227:
223:
222:
219:
216:
213:
203:
200:
198:
195:
184:Mint newspaper
171:
168:
148:
145:
139:
136:
120:Indian economy
98:
97:
90:
89:
86:
82:
81:
76:
72:
71:
68:
64:
63:
61:
60:
57:
47:
46:
45:
42:
41:
35:
34:
26:
25:
15:
13:
10:
9:
6:
4:
3:
2:
968:
957:
954:
952:
949:
947:
944:
942:
939:
938:
936:
921:
918:
917:
915:
913:Notable cases
911:
905:
902:
900:
897:
895:
892:
890:
887:
883:
880:
878:
875:
874:
873:
870:
869:
867:
863:
857:
854:
852:
849:
847:
844:
843:
841:
837:
831:
828:
826:
823:
821:
818:
816:
813:
811:
808:
806:
803:
801:
798:
797:
795:
791:
785:
782:
780:
777:
775:
772:
770:
767:
763:
760:
759:
758:
755:
751:
748:
746:
743:
742:
740:
739:
737:
733:
727:
724:
722:
719:
717:
714:
712:
709:
707:
704:
702:
699:
698:
696:
692:
688:
681:
676:
674:
669:
667:
662:
661:
658:
652:
649:
648:
644:
629:
623:
620:
615:
611:
605:
602:
590:
584:
581:
569:
563:
560:
547:
543:
542:
537:
531:
529:
525:
520:
519:
514:
508:
506:
504:
500:
487:
483:
477:
474:
461:
460:
453:
450:
442:
435:
429:
426:
423:
418:
415:
399:
392:
386:
384:
382:
378:
365:
358:
352:
349:
344:
337:
331:
328:
322:
318:
315:
314:
310:
308:
299:
295:
287:
280:
277:
274:
271:
270:
266:
263:
261:Administrator
260:
257:
256:
252:
249:
246:
243:
242:
238:
234:
231:
228:
225:
224:
220:
217:
214:
211:
210:
207:
201:
196:
194:
191:
189:
185:
181:
177:
169:
167:
165:
164:Govt of India
160:
158:
154:
151:In 1973, the
146:
144:
143:beneficiary.
137:
135:
131:
129:
125:
121:
116:
112:
108:
104:
95:
91:
87:
83:
80:
77:
73:
69:
65:
56:
52:
51:
43:
40:
36:
32:
27:
22:
19:
882:SUGAM ITR-4S
799:
793:Legislations
631:. Retrieved
622:
613:
604:
592:. Retrieved
583:
571:. Retrieved
562:
550:. Retrieved
546:the original
539:
516:
490:. Retrieved
485:
476:
464:. Retrieved
458:
452:
441:the original
428:
417:
405:. Retrieved
398:the original
368:. Retrieved
363:
351:
342:
330:
291:
239:of property
205:
192:
173:
161:
150:
141:
132:
106:
102:
101:
93:
48:
18:
721:Service tax
492:17 February
298:Rajya Sabha
235:Notice and
202:Authorities
197:Enforcement
88:19 May 1988
935:Categories
865:Compliance
594:28 October
573:28 October
552:22 October
407:22 October
370:10 January
343:dea.gov.in
323:References
237:attachment
170:Amendments
157:Parliament
147:Background
50:Long title
305:800 crore
296:told the
138:Etymology
85:Commenced
486:Livemint
311:See also
96:In force
67:Citation
839:Schemes
633:26 July
466:12 July
288:Results
212:Sl. No.
113:of the
94:Status:
735:Bodies
614:Mondaq
877:ITR-2
741:CBDT
694:Taxes
444:(PDF)
437:(PDF)
401:(PDF)
394:(PDF)
360:(PDF)
339:(PDF)
635:2017
596:2016
575:2016
554:2013
494:2017
468:2015
409:2013
372:2019
111:Act
937::
612:.
538:.
527:^
515:,
502:^
484:.
380:^
362:.
341:.
679:e
672:t
665:v
637:.
616:.
598:.
577:.
556:.
496:.
470:.
411:.
374:.
345:.
303:₹
272:4
258:3
244:2
226:1
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
