PLEASE HELP ME TO KNOW WHAT THAT TERM REFER ??
AND HOW BANAMI TRANSACTION ARE CONCLUDED WHICH HAS GIVEN THEM ILLEGAL VIEW???
CA Abdul Halim Siddiqui (Partner) (481 Points)
26 May 2009PLEASE HELP ME TO KNOW WHAT THAT TERM REFER ??
AND HOW BANAMI TRANSACTION ARE CONCLUDED WHICH HAS GIVEN THEM ILLEGAL VIEW???
Milan Somani
(CA)
(1456 Points)
Replied 26 May 2009
Benami purchases are purchases in false name of another person, who does not pay the consideration but merely lends his name, while the real title vests in another person who actually purchased the property and he is the beneficial owner. Benami transactions used to take place to evade law of perpetuity, because of parda system, to avoid annoyance, Zamindar’s desire to avoid indignity and legal disability, mysterious desire etc.
For more details refer :-
The Benami Transactions (Prohibition) Act, 1988
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