Noose Tightens on Benami Property Act Violators


Benami Transactions Act, Benami Property, Property, Black Money, Demonetisation, Tax, Housing
Govt Toughens Stand on Benami Property
Highlights
  1. Rigorous Imprisonment of up to 7 years for Benami Act Violators
  2. Violators also stand to be charged under the normal I-T Act
  3. Total of 235 cases have been registered so far

New Delhi: The tax department today warned that those who undertake Benami transactions would invite Rigorous Imprisonment (RI) of up to 7 years and such violators would also stand to be charged under the normal I-T Act.

In advertisements issued in leading national dailies today, the Income Tax department stated: "Do not enter into benami transactions" as the Benami Property Transactions Act, 1988, is "now in action" from November 1, 2016.

"Black money is a crime against humanity. We urge every conscientious citizen to help the government in eradicating it," it said. The department also spelled out some salient features of the new Act: "Benamidar (in whose name benami property is standing), beneficiary (who actually paid consideration) and persons who abet and induce benami transactions are prosecutable and may get RI up to 7 years besides being liable to pay fine up to 25 per cent of fair market value of benami property.

"It added that" persons who furnish false information to authorities under the Benami Act are prosecutable and may be imprisoned up to 5 years besides being liable to pay fine up to 10 per cent of fair market value of benami property."The department made it clear that the benami property "may be attached and confiscated by the government" and that these actions are in "addition to actions under other laws such as Income Act, 1961.

"The department, since the enactment of the law last year, has registered over 230 cases and attached assets worth Rs 55 crore nationwide, which also coincided with the action against black money after demonetisation.  "A total of 235 cases and instances have been registered under the said Act by the department till mid-February this year.

Show cause notices for attachment have been issued in 140 cases where benami assets worth Rs 200 crore are involved. "In 124 cases, benami assets worth more than Rs 55 crore have been provisionally attached till now," an I-T report, accessed by PTI, had said. The attached assets, officials had said, include deposits in bank accounts, agricultural and other land, flats and jewellery, among others.

After demonetisation on November 8 last year, the I-T department had carried out public advertisements and had warned people against depositing their unaccounted old currency in someone else's bank account. The I-T department is the nodal department to enforce the said Act in the country.The taxman had initiated a nationwide operation to identify suspect bank accounts where huge cash deposits have been made post-November 8 when the government demonetised the Rs 500/1000 currency notes. 

1,554 thoughts on “Noose Tightens on Benami Property Act Violators

  1. Govt is trying its level best to do good for the people. But the crooks are well ahead of the govt. In order to curb the menace of bribe govt took action in demonietisation but the bribe has gone up The minimum bribe for traffic violation is Rs 500/- as the official taking bribe do not hv change and or Rs. 2000/- where four violations are  allowed each costing 500/- This is the way our system works. This is only to show that the unscrupulous will never mend their ways.

  2. Instead Of giving Warning. Show your Guts to grab those Biggies who you know very well who indulges in such type of Acts. Catch the Big Fishes, if you have the guts, small fishes will automatically fall into line…

  3. for an efficient filtering, all the properties should be attached to Aadhaar. 245 cases is very very very less. This article does not mention the category of people involved in this act, say politician, celebrities etc. When we find the excess income and property and if it goes back to government, then all the poor and needy, including farmers, those living in rented houses, would get property and that would automatically lead to achieving houses for all

  4. The common public knows that there are lots of eduactional institutions held by politicians, business men, real estate owners who have hundreds and thousand acres of lands. The goverment should scrutinize these people and if found to have beanmi or unaccounted  property seize them and punish them. If a few big fishes are caught an punished.Even in a panchayat a common man can see a couple of local zamindars who own a lot of land ( running to 100's of acres).so the count of 255 cases given in the article is very very small.The center will need the help of various state governments help if some meningful action can be taken. The local landlords are shielded by the local governments.

  5. The Government should probe the benami property of the Singh Brothers of Fortis and their henchmen – Jasbir Singh Grewal alias Rajiv Mehta and Manu Kapila.

  6. Black money is a crime against humanity? Whoa! Take it easy taxman. There's a limit to how much smoke you can blow down one's a**. 

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