The document summarizes key aspects of the Benami Transactions (Prohibition) Amendment Act 2016 in India. It defines benami transactions as purchasing or holding property in someone else's name while providing the consideration. The Act aims to prohibit benami transactions and allow for confiscation of benami properties. It establishes authorities like initiating officers, adjudicating authorities, and an appellate tribunal to oversee the attachment, adjudication and confiscation of benami properties. Penalties for offenses include fines up to 25% of fair market value and imprisonment from 1-7 years. The Act is expected to impact the real estate market by reducing black money transactions and property disputes.
Benami Transactions (Prohibition) Act, 1988 has been amended and renamed as Prohibition
of Benami Property Transactions Act, 1988 (PBPT Act). Benami Act mainly focuses on finding
real names behind nameless real estate transactions. The amended act clearly defines the benami
transactions
Very recently, Benami Property Act was enacted to control black money in India. After demonetisation huge Benami Transactions were recorded. The Act should be taken seriously.
Benami Transactions (Prohibition) Act, 1988 has been amended and renamed as Prohibition
of Benami Property Transactions Act, 1988 (PBPT Act). Benami Act mainly focuses on finding
real names behind nameless real estate transactions. The amended act clearly defines the benami
transactions
Very recently, Benami Property Act was enacted to control black money in India. After demonetisation huge Benami Transactions were recorded. The Act should be taken seriously.
The amendments of Benami Transactions (Prohibition) Act should further enhance India’s attractiveness as an investment destination by encouraging greater transparency in ownership of property. Along with other regulatory changes such as implementation of Goods and Services Act (GST), Real Estate (Regulation & Development) Act (RERA) and Land Digitization, this amendment is a step in the right direction. In the short term, it will lead to a reduction in transaction volumes. However, in the long term, it will help aligning transactions with ethical standards and will increase international institutional investors and financial insitutions participation in this sector.
Taxmann's Benami Black Money & Money Laundering LawsTaxmann
Taxmann’s Benami, Black Money & Money Laundering Laws provides a compilation of annotated, amended & updated on the following Laws:
• Prohibition of Benami Property Transactions Act, 1988 with Rules, Schemes & Notifications
• Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 with Rules, Challans, Instructions and Circulars & Notifications
• Prevention of Money-laundering Act, 2002 with Rules & Notifications
• Fugitive Economic Offenders Act, 2018 with Rules, Regulations & Notifications
This book aims to provides a complete and thorough understanding of the statutory portion of the Benami and Black Money Laws.
The Present Publication is the Latest Edition, as amended by the Finance Act 2021.
The Prevention of Money Laundering Act, 2002 (PMLA) is an Act to prevent money-laundering and to provide for confiscation of property derived from, or involved in, money-laundering. In this webinar, we shall analyse and understand the various provisions of the Act covering the meaning of Money Laundering, the consequences and the procedures involved.
TREATY BETWEEN THE UNITED STATES OF AMERICA AND THE PEOPLE S
REPUBLIC OF BANGLADESH CONCERNING THE RECIPROCAL
ENCOURAGEMENT AND PROTECTION OF INVESTMENT
The amendments of Benami Transactions (Prohibition) Act should further enhance India’s attractiveness as an investment destination by encouraging greater transparency in ownership of property. Along with other regulatory changes such as implementation of Goods and Services Act (GST), Real Estate (Regulation & Development) Act (RERA) and Land Digitization, this amendment is a step in the right direction. In the short term, it will lead to a reduction in transaction volumes. However, in the long term, it will help aligning transactions with ethical standards and will increase international institutional investors and financial insitutions participation in this sector.
Taxmann's Benami Black Money & Money Laundering LawsTaxmann
Taxmann’s Benami, Black Money & Money Laundering Laws provides a compilation of annotated, amended & updated on the following Laws:
• Prohibition of Benami Property Transactions Act, 1988 with Rules, Schemes & Notifications
• Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 with Rules, Challans, Instructions and Circulars & Notifications
• Prevention of Money-laundering Act, 2002 with Rules & Notifications
• Fugitive Economic Offenders Act, 2018 with Rules, Regulations & Notifications
This book aims to provides a complete and thorough understanding of the statutory portion of the Benami and Black Money Laws.
The Present Publication is the Latest Edition, as amended by the Finance Act 2021.
The Prevention of Money Laundering Act, 2002 (PMLA) is an Act to prevent money-laundering and to provide for confiscation of property derived from, or involved in, money-laundering. In this webinar, we shall analyse and understand the various provisions of the Act covering the meaning of Money Laundering, the consequences and the procedures involved.
TREATY BETWEEN THE UNITED STATES OF AMERICA AND THE PEOPLE S
REPUBLIC OF BANGLADESH CONCERNING THE RECIPROCAL
ENCOURAGEMENT AND PROTECTION OF INVESTMENT
Prevention of Money Laundering Act 2002ramandeepjrf
Prevention of money laundering act 2002
Definitions, Obligation for Banks, Financial Institutions, Intermediaries, Attachment, Adjudication and confiscation of property, Appellate Tribunal, Special Court, Penalty and fine.
Sections 81 and 82 of Trusts Act, 1882, as adapted by Bangladesh, give legislative recognition to the practice of benami transactions and but it is barred in the Land Reform Ordinance, 1982, Section 5 (1) of which states that no person shall purchase any immovable property for his own benefit in the name of any other person/persons. But Bangladesh has two unique laws.
What is the meaning of Power of Attorney in India? How can it be used for real estate and property transactions in India? Find out in this detailed document.
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One of the charitable forms of organisation is Trust. It is generally formed for the benefit of public at large (public charitable trusts) or for a specified group of persons (private trusts). Formation of trusts is governed by different legislations and involves various registrations under several Acts. The webinar dwells upon the aspects of formation of trust under relevant legislations, various types of trusts, registration of trusts, taxation of trusts and other relevant aspects of management of trust.
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
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Synopsis On Annual General Meeting/Extra Ordinary General Meeting With Ordinary And Special Businesses And Ordinary And Special Resolutions with Companies (Postal Ballot) Regulations, 2018
1. By CA Ved Mittal
Ved & Associates
205 Jagdamba Tower,
Preet Vihar,Delhi 110092
9811011665, 011-22456788
2. BENAMI PROPERTY TRANSACTIONS ACT 1988
Color and texture in Benami transaction Act 1988.
Assent to the President of India on 10th August 2016.
Came into force w.e.f. 1st November 2016.
72 Sections divided into VIII chapters
Presently called Benami Transactions (Prohibitions) Amendment Act 2016.
CA Ved Mittal
1988
3. Why Benami Transactions are a common
phenomenon?
To commit fraud on creditors
To avoid certain political and
social risks
To desire to evade tax thereby
committing fraud on state
And the most common to put
black money into more
productive use.
CA Ved Mittal
4. MEANING OF BENAMI TRANSACTIONS
Purchase or holding properties in name of another.
Source of money is not provided by the property holder.
Person providing consideration is not traceable.
A property transaction is carried out in fictious name.
No intention to give benefit to the property holder.
Real owner is not aware of the transactions or denies ownership.
Property is for future benefit, direct or indirect, for person
paying consideration.
Transactions includes arrangements.
CA Ved Mittal
5. If Benami Property has changed its color or form, even then it will be
considered as Benami Property.
“Property” means any kind of assets whether movable or immovable;
tangible or intangible; or corporeal or incorporeal; or includes any
rights or interests in such property.
“Held By” as used in definition, covers property held even before 1988.
Held means actual possession, legal title, right to hold or claim.
“Benamidar” means person who is the holder of property.
“Beneficial Owner” means the person getting benefit from such
property.
CA Ved Mittal
•“Benami Property” means any property which has been the
subject matter of Benami Transactions and also include
proceeds from such property.
6. EXCEPTIONS OF BENAMI TRANSACTIONS
Property in name of Karta or member of HUF and consideration is
paid from known sources of income of HUF.
Property is name of Trustee and consideration is paid from known
sources of income of Trust.
Property held in a fiduciary capacity such as Trustee, Executor,
Partner, Director, Depository, Depository’s Agent and other notified
by Government.
Property acquired in name of Spouse or child and consideration is
paid from known sources of income of individual.
Property acquired in name of brother, sister, lineal ascendant or
descendant, or jointly and consideration is paid from known sources
of income of individual.
CA Ved Mittal
7. MEANING OF PERSON
Individual
Hindu Undivided Family
Company
Partnership Firm including LLP
Association of Persons/Body of
Individuals
Artificial Judicial Person
CA Ved Mittal
8. Property held through Power of Attorney
If the purchase of property is through power of attorney(POA)
and the following steps has been taken-
Paid the consideration by beneficial owner.
Possession in control of beneficial owner.
Sale of Agreement/GPA in name of beneficial owner
Lawful transfer of property
then it will not be considered as benami property.
CA Ved Mittal
9. Legal Structure
Authority Functions
Initiating Officer Notice and Attachment of the
property
Approving Authority Notice to furnish evidence
Adjudicating Authority Confiscation and vesting of
property
Administrator Possession and Management of
confiscated property
Appellate Tribunal Hears Appeals against orders of
Adjudicating Officer
CA Ved Mittal
10. Authorities
“Initiating Officer” means Assistant and
Deputy Commissioners of Income Tax.
“Adjudicating Authority” means
Enforcement Directorate (ED) under
Prevention of Money Laundering Act
2002.
CA Ved Mittal
11. ATTACHMENT, ADJUDICATION AND CONFISCATION
The copy of notice will also be issued to beneficial owner if his
identity is known.
The Initiating Officer may hold the property for 90 days from the
date of issue of the notice, with approval from the Approving
Authority.
At the end of the notice period, the Initiating Officer may pass an
order to continue the holding of the property with the approval from
the Approving Authority
If an order is passed to continue holding the property, the Initiating
Officer will refer the case to the Adjudicating Authority.
CA Ved Mittal
If an Initiating Officer believes that a person is a
benamidar, he may issue a show cause notice to
benamidar asking why the property should not
be treated as benami property.
12. ATTACHMENT, ADJUDICATION AND CONFISCATION
The Adjudicating Authority will examine all documents and
evidence relating to the matter and then pass an order on
whether or not to hold the property as benami.
Based on an order to confiscate the benami property, the
Administrator will receive and manage the property in a manner
and subject to conditions as prescribed.
The Act also seeks to establish an Appellate Tribunal to hear
appeals against any orders passed by the Adjudicating Authority.
Appeals against orders of the Appellate Tribunal will lie to the
high court (Special Court).
Central Government will set up the Special Court under the
supervision of Chief Justice of the High Court.
CA Ved Mittal
13. PENALTY
For guilty of offence of Benami Transaction
• Penalty upto 25% of the fair market value of the Property
• Rigorous imprisonment for minimum 1 year upto 7 years
For false information
• Penalty upto 10% of the fair market value of the property
• Rigorous imprisonment for mimimum 6 months upto 5 years
CA Ved Mittal
14. CA Ved Mittal
Database
creation by
demat of
property and
linking with
Aadhaar and
PAN no.
Collecting
Information
from
registration
authority,
private
builders,
authorities
like DDA, etc.
Comparing
Source of
Income from IT
return
Conducting
enquiries and
Inspection
Issuing notice
and
Attachment of
property if
found
suspicious
Plan to Implement
15. Impact on Real Estate Market
Actual user/owner will be purchase the property.
Rate of property will be slashed down.
Minimum black money to be consumed.
Disputed Property cannot be sold and brought which reduces
the property disputes.
Corruption money will not be utilised in Real Estate sector
anymore.
Lead to Incremental tax revenue to government.
CA Ved Mittal
16. Impact on Income Tax
After the issue of notice under sec. 24 of Benami
transaction Property Act , transfer of the property shall
be null and void.
Notice will be issued under section 148/ 197(c).
Time of limitation as per the notice.
Penalty under 270A
Tax will be recovered from sale of property which was
attached.
Proceedings will be carried under section 281 A of the
Income Tax Act.
CA Ved Mittal