PM to target Benami properties next to rein in unaccounted money

market_benami_property_7Accommodation Times News Service

Firming his ante in fight against corruption, Prime Minister Narendra Modi on December 25, 2016 said that Benami property holders are next in his target list.

The Prime Minister who was addressing a crowd in Goa after the inauguration ceremony at Greenfield Airport said that in a bid to eliminate black money, strict action would be taken against those holding properties illegally.

The Benami Transaction (Prohibition) Amendment Act, 2016 came into effect from November 1, 2016. The act defines “Benami property” as any property “which is the subject matter of a Benami transaction and also includes the proceeds from such property.”

Here “Benami transaction” means, “(a) A transaction or an arrangement, where a property is transferred to, or is held by, a person, and the consideration for such property has been paid by another person; and (b) The property is held for the immediate or future benefit, direct or indirect, of the person who has provided the consideration, except when the property is held by the Karta, or a member of a Hindu undivided family.”





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