The document defines and provides examples of benami property transactions in India. It discusses:
1) Benami property refers to property held in the name of a proxy, without the proxy paying for or enjoying the property. The actual owner is called the beneficial owner.
2) Various definitions related to benami property, including benamidar, benami transaction, and property.
3) Common motives for entering benami transactions include tax evasion. Re-transferring benami property is prohibited.
4) Punishments for benami transactions include imprisonment, fines, and property confiscation.
The document discusses benami transactions in real estate under the Prohibition of Benami Property Transactions Act, 1988. It defines key terms like benami property and benami transaction. It explains that a real estate transaction can be considered benami if the property is held in a fictitious name, the owner denies knowledge of ownership, the source of funds is untraceable or fictitious, or the property is held for the benefit of someone other than the owner. There are some exceptions, like if the HUF or a trustee holds the property. Those found guilty of benami transactions face confiscation of the property and imprisonment. The document seeks to answer questions around mixed ownership and proving future benefit.
The benami transactions (prohibitions) amendment act (1)Himanshu Goyal
The document summarizes the Prohibition of Benami Property Transactions Act of 1988 as amended in 2016 in India. Some key points:
- The act prohibits benami transactions where one person provides consideration for a property but it is held in another person's name. Such properties are liable to be confiscated.
- The 2016 amendment strengthened penalties, setting up adjudicating authorities and an appellate tribunal to deal with benami cases.
- Transactions done for illegitimate purposes like concealing black money or evading taxes come under the purview of benami transactions according to the act.
- Properties involved in benami transactions are liable to face attachment or confiscation and individuals can be fined or imprisoned for
THE BENAMI TRANSACTIONS (PROHIBITIONS) AMENDMENT ACTHimanshu Goyal
The document summarizes the key aspects of the Prohibition of Benami Property Transactions Act, 1988 as amended in 2016. It defines benami transactions as those where property is held in someone else's name for someone else's benefit. The Act prohibits benami transactions and allows for confiscation of benami properties. It establishes authorities to investigate and adjudicate benami cases and imposes penalties including imprisonment and fines for those involved in benami transactions. The amendments in 2016 strengthened the provisions around prohibition, investigation and punishment of benami transactions.
The document discusses benami transactions under the Benami Transactions (Prohibition) Act of 1988. It defines benami as a transaction made in the name of another person. A benami transaction occurs when one person pays for a property transferred to another person. The original 1988 law on benami transactions consisted of only 8 sections but was later amended in 2016 to include 72 sections. Punishments for benami transactions include confiscation of the benami property and imprisonment of up to 7 years.
An ostensible owner is someone who appears or seems to be the owner of a property but is not the real owner. Section 41 of the Transfer of Property Act protects bona fide transactions where a property is transferred by an ostensible owner. To qualify for protection, the transferee must have acted honestly and taken reasonable care to ascertain the transferor's ownership, and the real owner must have consented, through their conduct, to the ostensible ownership. The section creates an estoppel against the real owner from disputing the validity of such a transfer.
This presentation discusses benami transactions in light of demonetization. It begins by highlighting key points of demonetization and the Prohibition of Benami Property Transactions Act of 1988. It defines what constitutes a benami property and transaction, providing examples of cash and stock being considered benami property. Exceptions to benami transactions are outlined, along with impacts such as 100% confiscation of benami property and imprisonment. The presentation explains how benamidars (property holders) and beneficial owners (intended beneficiaries) are impacted under the new Act.
Benami transactions or Benami property.pptxtaxguruedu
In a previous couple of months, we’ve seen a serious quelling on Benami properties and their house owners by the govt… Specialized Anti-Benami units are got wind of by the taxation department across the country and in virtually every state and thousands of properties already stand connected beneath the Prohibition of Benami Property Transactions Act, 1988 [as amended in 2016].
The document discusses benami transactions under Indian law. It defines key terms like benamidar and beneficial owner. It summarizes the Benami Transactions (Prohibition) Act of 1988 and the 2011 bill that replaced it. The bill prohibits benami transactions and makes property involved liable for confiscation. It imposes penalties for engaging in benami transactions or providing false information regarding such transactions.
The document discusses benami transactions in real estate under the Prohibition of Benami Property Transactions Act, 1988. It defines key terms like benami property and benami transaction. It explains that a real estate transaction can be considered benami if the property is held in a fictitious name, the owner denies knowledge of ownership, the source of funds is untraceable or fictitious, or the property is held for the benefit of someone other than the owner. There are some exceptions, like if the HUF or a trustee holds the property. Those found guilty of benami transactions face confiscation of the property and imprisonment. The document seeks to answer questions around mixed ownership and proving future benefit.
The benami transactions (prohibitions) amendment act (1)Himanshu Goyal
The document summarizes the Prohibition of Benami Property Transactions Act of 1988 as amended in 2016 in India. Some key points:
- The act prohibits benami transactions where one person provides consideration for a property but it is held in another person's name. Such properties are liable to be confiscated.
- The 2016 amendment strengthened penalties, setting up adjudicating authorities and an appellate tribunal to deal with benami cases.
- Transactions done for illegitimate purposes like concealing black money or evading taxes come under the purview of benami transactions according to the act.
- Properties involved in benami transactions are liable to face attachment or confiscation and individuals can be fined or imprisoned for
THE BENAMI TRANSACTIONS (PROHIBITIONS) AMENDMENT ACTHimanshu Goyal
The document summarizes the key aspects of the Prohibition of Benami Property Transactions Act, 1988 as amended in 2016. It defines benami transactions as those where property is held in someone else's name for someone else's benefit. The Act prohibits benami transactions and allows for confiscation of benami properties. It establishes authorities to investigate and adjudicate benami cases and imposes penalties including imprisonment and fines for those involved in benami transactions. The amendments in 2016 strengthened the provisions around prohibition, investigation and punishment of benami transactions.
The document discusses benami transactions under the Benami Transactions (Prohibition) Act of 1988. It defines benami as a transaction made in the name of another person. A benami transaction occurs when one person pays for a property transferred to another person. The original 1988 law on benami transactions consisted of only 8 sections but was later amended in 2016 to include 72 sections. Punishments for benami transactions include confiscation of the benami property and imprisonment of up to 7 years.
An ostensible owner is someone who appears or seems to be the owner of a property but is not the real owner. Section 41 of the Transfer of Property Act protects bona fide transactions where a property is transferred by an ostensible owner. To qualify for protection, the transferee must have acted honestly and taken reasonable care to ascertain the transferor's ownership, and the real owner must have consented, through their conduct, to the ostensible ownership. The section creates an estoppel against the real owner from disputing the validity of such a transfer.
This presentation discusses benami transactions in light of demonetization. It begins by highlighting key points of demonetization and the Prohibition of Benami Property Transactions Act of 1988. It defines what constitutes a benami property and transaction, providing examples of cash and stock being considered benami property. Exceptions to benami transactions are outlined, along with impacts such as 100% confiscation of benami property and imprisonment. The presentation explains how benamidars (property holders) and beneficial owners (intended beneficiaries) are impacted under the new Act.
Benami transactions or Benami property.pptxtaxguruedu
In a previous couple of months, we’ve seen a serious quelling on Benami properties and their house owners by the govt… Specialized Anti-Benami units are got wind of by the taxation department across the country and in virtually every state and thousands of properties already stand connected beneath the Prohibition of Benami Property Transactions Act, 1988 [as amended in 2016].
The document discusses benami transactions under Indian law. It defines key terms like benamidar and beneficial owner. It summarizes the Benami Transactions (Prohibition) Act of 1988 and the 2011 bill that replaced it. The bill prohibits benami transactions and makes property involved liable for confiscation. It imposes penalties for engaging in benami transactions or providing false information regarding such transactions.
The document summarizes key amendments made by the Benami Transactions (Prohibition) Amendment Act, 2016 in India. The Act expanded the definition of benami transactions to include property held for someone else's benefit or transactions made under fictitious names. It exempts certain cases like joint family property. The Act also increased penalties for benami transactions and providing false information. In conclusion, while the Act may reduce real estate transactions in the short term, it aims to reduce black money, increase transparency, and make India a more attractive long-term investment destination.
The document summarizes key aspects of the Benami Transactions (Prohibition) Act in India. It was passed in 2016 to curb black money. Key points:
1) The Act came into force on November 1, 2016. It replaced the previous Benami Transactions (Prohibition) Act of 1988 and renamed it the Prohibition of Benami Property Transactions Act.
2) A benami transaction is one where the actual owner of the property is different than the named owner. It aims to identify transactions done in bogus names or where the real beneficiary is not traceable.
3) Failure to provide PAN details for property transactions over 10 lakh rupees or non-deduction of TDS
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.
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
The document discusses various legal concepts related to property law and easements in India. It begins by defining an onerous gift as a gift subject to conditions imposed on the recipient. It then provides definitions for legal terms like charge, notice, ostensible owner, dominant and servient heritage. It also distinguishes between sale and contract of sale. The status of unborn children under property law is discussed, noting that an unborn child can own property and is considered a legal person for certain purposes like inheritance.
The document provides an overview of the Negotiable Instruments Act 1881 in India. It discusses:
1) The history leading to the development and implementation of the Act in 1881 to standardize rules around negotiable instruments like promissory notes and bills of exchange.
2) Key definitions in the Act including what makes an instrument negotiable based on certain conditions, and definitions of holders in due course.
3) Essential elements for an instrument to be considered negotiable, including being in writing, unconditional promises to pay, and ability to transfer ownership through endorsement and delivery.
The document summarizes key aspects of the Prohibition of Benami Transactions Act, 1988 in India. It defines a benami transaction as one where property is transferred to or held by one person, while consideration is provided by another person and the property is held for the benefit of the consideration provider. There are exceptions for HUF properties and those held in a fiduciary capacity. A benami transaction also includes those made under a fictitious name, where the owner denies knowledge, or where the consideration provider is untraceable. The Act defines various related terms like benamidar, beneficial owner, and benami property.
The document discusses the Benami Transactions (Prohibition) Amendment Bill, 2015, which seeks to amend the Benami Transactions Act of 1988. The key points are:
1) The Bill aims to amend the definition of benami transactions, establish authorities to deal with such cases, and specify penalties.
2) A benami transaction is one where a property is held under a false name, with the real owner denying knowledge or being untraceable.
3) Certain exemptions like HUF properties are specified. Penalties for benami transactions and false information are increased.
4) Adjudicating authorities and an Appellate Tribunal will be set up to examine cases and hear appeals against confiscating
The document provides an overview of benami transactions and the Benami Transactions (Prohibition) Act 1988 in India. Some key points:
- Benami means "property without name" and refers to transactions where property is purchased in someone else's name without intending to benefit them.
- The 1988 Act was introduced to prohibit benami transactions and recover properties held benami, as such transactions were previously abused to evade taxes, circumvent land ceilings, and commit fraud.
- Under the Act, benami transactions are prohibited and no suits can be filed to claim rights over benami properties. Benami properties are also liable for acquisition by authorities. However, the Act had deficiencies in implementation and scope
The sale to Antonio Cui is invalid based on Article 1491 of the Civil Code.
Article 1491 prohibits administrators from acquiring, either directly or indirectly, the properties under their administration. At the time of the sale, Antonio Cui was acting as the administrator and attorney-in-fact of Don Mariano Cui over the properties by virtue of the power of attorney executed on March 2, 1946.
As the administrator, Antonio Cui occupied a position of trust over the properties. Allowing him to purchase the properties would create a conflict of interest and opportunity for abuse of his position. Based on the facts presented, the sale to Antonio Cui should be invalidated to comply with the prohibition under Article 1491.
The document summarizes key aspects of the Prohibition of Benami Property Transactions Act, 2016 in India. It defines:
- What constitutes a benami transaction based on the Act's definition, including transactions held under fictitious names or where the owner denies knowledge.
- Exceptions to benami transactions such as certain family property arrangements.
- Key terms like benamidar, beneficial owner, and fair market value.
- Offences and punishments for non-compliance, including imprisonment and fines based on the fair market value of the property.
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.
This document discusses the key aspects of a contract of agency under Indian law. It defines agency as a contract where one person employs another to act on their behalf or represent them in dealings with third parties.
It outlines the parties to an agency contract - the principal who employs the agent, and the agent who acts on the principal's behalf. It notes that consideration is not required to create an agency. Various modes of creating an agency are discussed, including express, implied, ratification, operation of law, estoppel and necessity.
The document also examines the extent of an agent's authority, their duties to conduct business diligently and account for it properly, and the principal's duties to indemnify the agent
This document discusses the key aspects of a contract of agency under Indian law. It defines agency as a contract where one person employs another to act on their behalf. It outlines the parties to an agency contract, being the principal and the agent. It discusses the various modes of creating an agency such as express, implied or by ratification. It elaborates on the duties and rights of both the principal and agent. It also covers the termination of an agency contract by operation of law or by the acts of the parties.
The document discusses the key aspects of the law of agency in India including:
1. It defines a contract of agency as one where a principal employs an agent to act on their behalf or represent them in dealing with third parties.
2. It outlines the parties to an agency contract - the principal and the agent. It also discusses who can be an agent and principal.
3. It discusses the various ways an agency can be created including express, implied, ratification, operation of law, estoppel, and by necessity.
4. It describes the duties and rights of both the principal and agent in an agency relationship.
5. It discusses how an agency can be terminated including by
This document discusses the capacity to contract under Indian law, specifically regarding minors (those under 18 years of age). It provides details on:
1) A minor's agreement is void according to a 1903 Privy Council case, meaning it cannot be enforced by law. However, a minor can be liable for necessaries (essential goods/services) supplied to them.
2) While a minor cannot be held liable for breaching a contract, they can be liable for torts (civil wrongs) that are totally independent of the contract, such as negligently killing a rented animal.
3) When an action in tort would indirectly enforce a contract, such as suing for fraud over a loan
The document provides an overview of negotiable instruments under Indian law. It defines key terms like negotiable instrument, promissory note, bill of exchange, cheque, endorsement, holder, and holder in due course. It describes the essential characteristics and requirements for these instruments and roles. It also discusses concepts like negotiation, dishonour, noting, and protest. The document is an educational reference on the basic concepts, definitions, and principles regarding negotiable instruments under the Negotiable Instruments Act of 1881 in India.
Sale of immovable property vaibhav goyalVaibhav Goyal
The document discusses sale of immovable property under the Transfer of Property Act in India. It defines sale as the transfer of ownership in exchange for a price, which can be paid upfront or promised to be paid. For a sale to be valid, it must be made through a registered sale deed if the property is worth Rs. 100 or more, or delivered if worth less. The rights and liabilities of buyers and sellers are also outlined, such as the seller's duty to disclose defects and deliver possession, and the buyer's duty to pay the purchase price. Contracts of sale are distinguished from final sales as they only confer certain equitable rights until a sale deed is executed and registered.
1. A contract of agency allows one person (the principal) to employ another person (the agent) to act on their behalf or represent them in dealing with third parties, binding the principal by the agent's acts.
2. The key parties to a contract of agency are the principal, who is represented by the agent, and the agent, who acts on behalf of the principal. Consideration is not required to create an agency.
3. An agency can be created expressly, impliedly, by ratification, by operation of law, or through estoppel. The extent of an agent's authority depends on the scope delegated by the principal. An agent generally cannot delegate their authority to a sub-
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
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Similar to Understanding Benami Property_ Definition, Offenses & Examples- taxguru.in.pdf
The document summarizes key amendments made by the Benami Transactions (Prohibition) Amendment Act, 2016 in India. The Act expanded the definition of benami transactions to include property held for someone else's benefit or transactions made under fictitious names. It exempts certain cases like joint family property. The Act also increased penalties for benami transactions and providing false information. In conclusion, while the Act may reduce real estate transactions in the short term, it aims to reduce black money, increase transparency, and make India a more attractive long-term investment destination.
The document summarizes key aspects of the Benami Transactions (Prohibition) Act in India. It was passed in 2016 to curb black money. Key points:
1) The Act came into force on November 1, 2016. It replaced the previous Benami Transactions (Prohibition) Act of 1988 and renamed it the Prohibition of Benami Property Transactions Act.
2) A benami transaction is one where the actual owner of the property is different than the named owner. It aims to identify transactions done in bogus names or where the real beneficiary is not traceable.
3) Failure to provide PAN details for property transactions over 10 lakh rupees or non-deduction of TDS
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.
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
The document discusses various legal concepts related to property law and easements in India. It begins by defining an onerous gift as a gift subject to conditions imposed on the recipient. It then provides definitions for legal terms like charge, notice, ostensible owner, dominant and servient heritage. It also distinguishes between sale and contract of sale. The status of unborn children under property law is discussed, noting that an unborn child can own property and is considered a legal person for certain purposes like inheritance.
The document provides an overview of the Negotiable Instruments Act 1881 in India. It discusses:
1) The history leading to the development and implementation of the Act in 1881 to standardize rules around negotiable instruments like promissory notes and bills of exchange.
2) Key definitions in the Act including what makes an instrument negotiable based on certain conditions, and definitions of holders in due course.
3) Essential elements for an instrument to be considered negotiable, including being in writing, unconditional promises to pay, and ability to transfer ownership through endorsement and delivery.
The document summarizes key aspects of the Prohibition of Benami Transactions Act, 1988 in India. It defines a benami transaction as one where property is transferred to or held by one person, while consideration is provided by another person and the property is held for the benefit of the consideration provider. There are exceptions for HUF properties and those held in a fiduciary capacity. A benami transaction also includes those made under a fictitious name, where the owner denies knowledge, or where the consideration provider is untraceable. The Act defines various related terms like benamidar, beneficial owner, and benami property.
The document discusses the Benami Transactions (Prohibition) Amendment Bill, 2015, which seeks to amend the Benami Transactions Act of 1988. The key points are:
1) The Bill aims to amend the definition of benami transactions, establish authorities to deal with such cases, and specify penalties.
2) A benami transaction is one where a property is held under a false name, with the real owner denying knowledge or being untraceable.
3) Certain exemptions like HUF properties are specified. Penalties for benami transactions and false information are increased.
4) Adjudicating authorities and an Appellate Tribunal will be set up to examine cases and hear appeals against confiscating
The document provides an overview of benami transactions and the Benami Transactions (Prohibition) Act 1988 in India. Some key points:
- Benami means "property without name" and refers to transactions where property is purchased in someone else's name without intending to benefit them.
- The 1988 Act was introduced to prohibit benami transactions and recover properties held benami, as such transactions were previously abused to evade taxes, circumvent land ceilings, and commit fraud.
- Under the Act, benami transactions are prohibited and no suits can be filed to claim rights over benami properties. Benami properties are also liable for acquisition by authorities. However, the Act had deficiencies in implementation and scope
The sale to Antonio Cui is invalid based on Article 1491 of the Civil Code.
Article 1491 prohibits administrators from acquiring, either directly or indirectly, the properties under their administration. At the time of the sale, Antonio Cui was acting as the administrator and attorney-in-fact of Don Mariano Cui over the properties by virtue of the power of attorney executed on March 2, 1946.
As the administrator, Antonio Cui occupied a position of trust over the properties. Allowing him to purchase the properties would create a conflict of interest and opportunity for abuse of his position. Based on the facts presented, the sale to Antonio Cui should be invalidated to comply with the prohibition under Article 1491.
The document summarizes key aspects of the Prohibition of Benami Property Transactions Act, 2016 in India. It defines:
- What constitutes a benami transaction based on the Act's definition, including transactions held under fictitious names or where the owner denies knowledge.
- Exceptions to benami transactions such as certain family property arrangements.
- Key terms like benamidar, beneficial owner, and fair market value.
- Offences and punishments for non-compliance, including imprisonment and fines based on the fair market value of the property.
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.
This document discusses the key aspects of a contract of agency under Indian law. It defines agency as a contract where one person employs another to act on their behalf or represent them in dealings with third parties.
It outlines the parties to an agency contract - the principal who employs the agent, and the agent who acts on the principal's behalf. It notes that consideration is not required to create an agency. Various modes of creating an agency are discussed, including express, implied, ratification, operation of law, estoppel and necessity.
The document also examines the extent of an agent's authority, their duties to conduct business diligently and account for it properly, and the principal's duties to indemnify the agent
This document discusses the key aspects of a contract of agency under Indian law. It defines agency as a contract where one person employs another to act on their behalf. It outlines the parties to an agency contract, being the principal and the agent. It discusses the various modes of creating an agency such as express, implied or by ratification. It elaborates on the duties and rights of both the principal and agent. It also covers the termination of an agency contract by operation of law or by the acts of the parties.
The document discusses the key aspects of the law of agency in India including:
1. It defines a contract of agency as one where a principal employs an agent to act on their behalf or represent them in dealing with third parties.
2. It outlines the parties to an agency contract - the principal and the agent. It also discusses who can be an agent and principal.
3. It discusses the various ways an agency can be created including express, implied, ratification, operation of law, estoppel, and by necessity.
4. It describes the duties and rights of both the principal and agent in an agency relationship.
5. It discusses how an agency can be terminated including by
This document discusses the capacity to contract under Indian law, specifically regarding minors (those under 18 years of age). It provides details on:
1) A minor's agreement is void according to a 1903 Privy Council case, meaning it cannot be enforced by law. However, a minor can be liable for necessaries (essential goods/services) supplied to them.
2) While a minor cannot be held liable for breaching a contract, they can be liable for torts (civil wrongs) that are totally independent of the contract, such as negligently killing a rented animal.
3) When an action in tort would indirectly enforce a contract, such as suing for fraud over a loan
The document provides an overview of negotiable instruments under Indian law. It defines key terms like negotiable instrument, promissory note, bill of exchange, cheque, endorsement, holder, and holder in due course. It describes the essential characteristics and requirements for these instruments and roles. It also discusses concepts like negotiation, dishonour, noting, and protest. The document is an educational reference on the basic concepts, definitions, and principles regarding negotiable instruments under the Negotiable Instruments Act of 1881 in India.
Sale of immovable property vaibhav goyalVaibhav Goyal
The document discusses sale of immovable property under the Transfer of Property Act in India. It defines sale as the transfer of ownership in exchange for a price, which can be paid upfront or promised to be paid. For a sale to be valid, it must be made through a registered sale deed if the property is worth Rs. 100 or more, or delivered if worth less. The rights and liabilities of buyers and sellers are also outlined, such as the seller's duty to disclose defects and deliver possession, and the buyer's duty to pay the purchase price. Contracts of sale are distinguished from final sales as they only confer certain equitable rights until a sale deed is executed and registered.
1. A contract of agency allows one person (the principal) to employ another person (the agent) to act on their behalf or represent them in dealing with third parties, binding the principal by the agent's acts.
2. The key parties to a contract of agency are the principal, who is represented by the agent, and the agent, who acts on behalf of the principal. Consideration is not required to create an agency.
3. An agency can be created expressly, impliedly, by ratification, by operation of law, or through estoppel. The extent of an agent's authority depends on the scope delegated by the principal. An agent generally cannot delegate their authority to a sub-
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The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
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1. UNDERSTANDING BENAMI PROPERTY: DEFINITION,
OFFENSES & EXAMPLES
AUTHOR :CS MANALI JAIN
https://taxguru.in/corporate-law/understanding-benami-property-definition-offenses-examples.html
The (Prohibition of Benami Property Transactions) Act, 1988
INTRODUCTION:
“Benami” means “no name” or “without name” Benami properties are those that are held by an owner through
proxies. The property is purchased in the name of or held in the name of a person who has neither paid for it nor
actually enjoys it. It may even be held in the name of a non-existent person. Such front person is known as
‘Benamidar’. This name is only an alias for the actual owner, the ‘Beneficial Owner’. Thus, the Benami property
transaction is where the ‘Beneficial Owner’ buys the property in the name of a Benamidar but seeks to enjoy it
himself.
Thus, a ‘Beneficial Owner’ is a person (whether his identity is known or not) for whose benefit the benami
property is held by a Benamidar. Sometimes the Benamidar does not know or cannot disclose the identity of the
real owner. He may have only taken money and placed some signatures. Even in these conditions, the property
will be benami
IMPORTANT DEFINATIONS:
1. BENAMI PROPERTY, means any property which is the subject matter of a benami transaction and also
includes the proceeds from such property.
2. PROPERTY, Means assets of any kind, whether
(a) Movable, or Immovable, Tangible, or Intangible, Corporeal (Having a physical material existence –
Furniture and fixtures) or Incorporeal (Having a conceptual existence but no physical existence-
Copyrights and patents)
(b) It includes any right or interest or legal documents or instruments evidencing title to or interest in the
property and
(c) It also includes the converted form of any property where such property is capable of conversion.
(d) Therefore, all forms of assets come under the definition of property, bringing into its scope real estate,
shares, vehicles, fixed deposits, bank deposits, bank lockers and private lockers etc.
3. BENAMIDAR, means An actual person or a fictitious person: a) In whose name the Benami property is
transferred or held; and b) includes a person who lends his name.
2. 4. BENAMI TRANSACTION, means—
a transaction or an arrangement—(a) 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; 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—
a Karta, or a member of a Hindu undivided family, as the case may be, and the property is held for his
benefit or benefit of other members in the family and the consideration for such property has been
provided or paid out of the known sources of the Hindu undivided family;
a person standing in a fiduciary capacity for the benefit of another person towards whom he stands in
such capacity and includes a trustee, executor, partner, director of a company, a depository or a
participant as an agent of a depository under the Depositories Act, 1996 (22 of 1996) and any other
person as may be notified by the Central Government for this purpose;
any person being an individual in the name of his spouse or in the name of any child of such individual
and the consideration for such property has been provided or paid out of the known sources of the
individual;
any person in the name of his brother or sister or lineal ascendant or descendant, where the names of
brother or sister or lineal ascendant or descendent and the individual appear as joint-owners in any
document, and the consideration for such property has been provided or paid out of the known sources of
the individual; or
a transaction or an arrangement in respect of a property carried out or made in a fictitious name; or
a transaction or an arrangement in respect of a property where the owner of the property is not aware of,
or, denies knowledge of, such ownership;
a transaction or an arrangement in respect of a property where the person providing the consideration is
not traceable or is fictitious.
Explanation.—For the removal of doubts, it is hereby declared that benami transaction shall not include
any transaction involving the allowing of possession of any property to be taken or retained in part
performance of a contract referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882), if,
under any law for the time being in force,—
consideration for such property has been provided by the person to whom possession of property has been
allowed but the person who has granted possession thereof continues to hold ownership of such property;
stamp duty on such transaction or arrangement has been paid; and
the contract has been registered;
MOTIVE BEHIND ENTERING BENAMI PROPERTY TRANSACTION:
As the name indicates Benami property means a property without a name. In such kind of a transaction, the
person who pays for the property does not buy it under his/her own name and motive behind such a transactions
of this nature is to evade payment of tax. Any asset movable or immovable, any security, legal document, gold
etc which are held or transferred in any other name are covered under Benami property.
WHAT IF THE BENAMI PROPERTY IS RE-TRANSERRED BY THE BENAMIDAR:
Re-transfer of the property by the Benamidar to the Beneficial owner or any other person acting on his behalf is
prohibited and such re-transfer shall be deemed to be null and void.
Illustration: If A, the Beneficial Owner purchases a property in the name of Benamidar B. To avoid confiscation,
Benamidar B re-transfers the Benami property either to A, the Beneficial Owner or to P, a person acting on
3. behalf of the Beneficial Owner. Both these transactions are null and void.
OFFCENCES AND PROSECUTION:
The, offences under The Prohibition of Benaml Property Transactions Act, 1988 are non-cognizable.
(a) Punishment for entering Into benam! transaction prior to 01.11.2016:
Both Benamidar as well as Beneficlal owner are liable to face imprisonment for a term which may extend
to three years or with fine or with both
(b) Punishment for entering Into benami transaction after 01.11.2016:
Both Benamidar as well as Beneficlal owner are liable to face imprisonment for a term from one to seven
years and with fine upto 25% of the FMV.
EXAMPLE REGARDING BENAMI PROPERTY TRANSACTION:
1. If a businessman, A, purchase a flat in the name of B, his driver and the source of income is not disclosed by
Mr. A then the flat becomes the Benami property and the Mr. B becomes the Benamidar. Hence Benamidar is
the person whose name is appeared on the paper i.e. the person on whose name the Benami property is bought,
held or transferred.
It is clear that benamidar, Mr. B is held liable for seven years imprisonment, fine upto 25% of FMV of the
property and/or confiscation of property if he fails to explain the source of income for purchasing such a flat.
Now if Mr. B revealed that the actual owner was Mr. A then the same punishment is applicable on Mr. A
without any compensation.
2. A buys a house in the name of his sister-in-law Mrs. B. Payment has been made by A and he and his family
start to live in that house. Even if B is a rich lady, the transaction is Benami. B is the Benamidar and A is the
beneficial Owner.
3. Fixed Deposits kept in the name of fictitious persons is a Benami Property.
4. Cash kept by Mr. A in bank locker in the name of his employee/relative who denies knowledge, is a Benami
Property
5. P wants to take a liquor license from the government. He pays the money in the name of his employee Mr. K
and the contract is awarded to Mr K, but Mr. P is deriving benefit from the liquor license. The transaction is
benami transaction. Mr. K is the Benamidar, Mr. P is the Beneficial Owner and profits from such liquor business
will be the Benami propert
Now there are certain myths in the mind of people regarding properties which are in the name of their wife,
daughter or any other relative. Any property, be it in the name of your relatives or joint, if you are able to
produce the source of income to the relevant authority, it cannot be called Benami Property. Hence if the source
of income is disclosed then those properties are outside the purview of Benami Property.
Some transactions tend to fall under the definition of Benami Transactions, such as:
1. When a property is bought under a fictitious name. i.e. the Benamidar is an unreal person.
4. 2. When the owner of the property denies being the owner of the property.
3. When the identity of the beneficial owner is unknown.
CASE STUDY REGARDING BENAMI PROPERTY:
In Bhim Singh v. Kan Singh, a case where the issue was whether contribution of money would render a
property to be termed as Benami. The Supreme Court observed that ‘the question whether a transaction is a
benami transaction or not, mainly depends upon the intention of the person who has contributed the purchase
money.
The courts further said that the principle is recognized in section 82 of The Indian Trusts Act, 1882 which says
that where a property is transferred to one person for some consideration paid by another person, and it
appears that such person did not intend to provide benefit of such transaction to the transferee.
GUIDE TO DETERMINE THE NATURE OF THE TRANSACTION:
Following six circumstances which can be taken as a guide to determine the nature of the transaction.
1. The nature and possession of the property, after the purchase.
2. Motive, if any, for giving the transaction a Benami Colour.
3. The possession of the parties and the relationship, if any between the claimant and the alleged
Benamidar.
4. The custody of the title deeds after the sale; and
5. The conduct of the parties concerned in dealing with the proper after the sale.
6. The source from which the purchase money came.
The above indicia are not exhaustive and their efficacy varies according to the facts of each case. Nevertheless,
the source from where the purchase money came and the motive why the property was purchased Benami are by
far the most important tests for determining whether the sale standing in the name of one person, is in reality for
the benefit of another.
5.
6.
7. Conclusion: Understanding Benami property is essential to comprehend the legal implications of transactions
involving proxy ownership. The act of evading taxes through such transactions carries significant penalties,
including imprisonment and fines. By analyzing real-life examples, individuals can grasp the complexities and
risks associated with Benami property transactions. Proper disclosure and adherence to regulations can help
individuals stay compliant with the law and avoid legal consequences.