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Benami Property Explained in Hindi | By Ishan

The amendment in 2016 of the original Benami Act created a sudden storm in the nation bringing about a lot of curiosity in people. A lot of people are worried about the impact of the Act on their property and its possible outcomes. In this article we have simplified the Benami Act for your understanding and how it affects your investment.

Real estate is one of the major sectors for generation and investment of unaccounted money known as ‘black money’, in India. The Benami Act was introduced to curb black money transactions to ensure that all real estate transactions are conducted in the name of the actual owner where the consideration is paid from his known sources.

This will increase the tax revenue for the Government by stopping black money from pumping into the system and will help in bringing down corruption and unfair trade practices. Also it will increase transparency and honesty in real estate dealings.

What is Benami Transactions Prohibition Act?: Benami literally means ‘without a name’. Therefore an asset without a legal owner or a fictitious owner is called benami. It can be a property of any kind, whether movable or immovable, acquired by way of benami transaction.

The original Benami Act was introduced in 1988 for prevention of black money but due to some inherent limitations of the Act it could not be implemented with full force, and therefore, an amendment was introduced in 2016 to ensure the successful enforcement of the Act.

An amendment was issued instead of a new Act because if a new Act were introduced then the transaction entered from 1988 to 2016 would get immunity as the law does not allow retrospective penalization.

The aim of the Benami Transaction Act is to prohibit benami transactions. It states that any person entering into a benami transaction shall be liable for prosecution

What is a Benami Property? : The Hon’ble Supreme Court in Bhim Singh v. Kan Singh AIR 1980 SC 727, has explained Benami Property Transaction as

Where a person buys a property with his own money but in the name of another person without any intention to benefit such other person, the transaction is called benami and the Property is called Benami Property.

In such cases the transferee holds the property for the benefit of the person who has contributed the purchase money, and he is the real owner.

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