{"id":1867,"date":"2019-09-20T17:16:07","date_gmt":"2019-09-20T11:46:07","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=1867"},"modified":"2020-01-15T10:33:10","modified_gmt":"2020-01-15T05:03:10","slug":"benami-transactions-amended-act-2016","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/benami-transactions-amended-act-2016\/","title":{"rendered":"Benami Transactions (Prohibition) Amended Act, 2016"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/benami-transactions-amended-act-2016\/#What_is_the_Benami_transaction\" title=\"What is the Benami transaction?\">What is the Benami transaction?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/benami-transactions-amended-act-2016\/#Who_is_a_Benamidar\" title=\"Who is a Benamidar?\">Who is a Benamidar?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/benami-transactions-amended-act-2016\/#Scope\" title=\"Scope:-\">Scope:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/benami-transactions-amended-act-2016\/#Object\" title=\"Object:-\">Object:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/benami-transactions-amended-act-2016\/#Important_keynote\" title=\"Important keynote:-\">Important keynote:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/benami-transactions-amended-act-2016\/#What_will_happen_to_the_Benami_Property\" title=\"What will happen to the Benami Property?\">What will happen to the Benami Property?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/benami-transactions-amended-act-2016\/#Who_initiates_proceedings_against_alleged_Benami_property_beneficiaries\" title=\"Who initiates proceedings against alleged Benami property beneficiaries?\">Who initiates proceedings against alleged Benami property beneficiaries?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/aktassociates.com\/blog\/benami-transactions-amended-act-2016\/#The_time_period_of_deciding_Benami_proceeding\" title=\"The time period of deciding Benami proceeding:-\">The time period of deciding Benami proceeding:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/aktassociates.com\/blog\/benami-transactions-amended-act-2016\/#The_burden_of_Proof\" title=\"The burden of Proof:\">The burden of Proof:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/aktassociates.com\/blog\/benami-transactions-amended-act-2016\/#Proceedings_against_Benami_Property_Beneficiaries\" title=\"Proceedings against Benami Property Beneficiaries\">Proceedings against Benami Property Beneficiaries<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/aktassociates.com\/blog\/benami-transactions-amended-act-2016\/#The_fair_market_value_of_the_property\" title=\"The fair market value of the property:-\">The fair market value of the property:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/aktassociates.com\/blog\/benami-transactions-amended-act-2016\/#Summary_and_Implications\" title=\"Summary and Implications\">Summary and Implications<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_the_Benami_transaction\"><\/span><b>What is the Benami transaction?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Benami means \u201c<\/span>without the name\u201d. Transaction means Any arrangement of Financial nature. So accordingly, In other words<b>:-<\/b><\/p>\n<ul>\n<li><b><span style=\"font-weight: 400;\">It is held in a fictitious name or;<\/span><\/b><\/li>\n<li><b><span style=\"font-weight: 400;\">When the property owner is unaware or denies having ownership knowledge or;<\/span><\/b><\/li>\n<li><b><span style=\"font-weight: 400;\">When the property is in possession of\u00a0 one person and consideration paid by another person or;<\/span><\/b><\/li>\n<li><b><span style=\"font-weight: 400;\">The person financing such transaction is not traceable<\/span><\/b><\/li>\n<\/ul>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1875 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Prohibition-Amended-Act-2016-1-1.png\" alt=\"Prohibition Amended Act, 2016 \" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Prohibition-Amended-Act-2016-1-1.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Prohibition-Amended-Act-2016-1-1-300x171.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/09\/Prohibition-Amended-Act-2016-1-1-20x11.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Who_is_a_Benamidar\"><\/span><b>Who is a Benamidar?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A Benamidar or beneficial owner is a person or a fictitious person, as the case may be, in whose name the\u00a0<\/span><span style=\"font-weight: 400;\">Benami<\/span><span style=\"font-weight: 400;\">\u00a0property is transferred or held and includes a person who lends his name<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Actually <\/span><span style=\"font-weight: 400;\">\u00a0Benamidar has no further beneficial interest, as he declares himself as the real owner and who just merely holds the property or business in his possession. The main\u00a0 Target is that when the property is acquired in the name of a person but the consideration was paid by another, then it is presumed that Consideration paid by a person is the real owner of the property.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Scope\"><\/span><b>Scope:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It applies to <\/span><a href=\"https:\/\/aktassociates.com\/blog\/tds-section-194ia\/\">Immovable Properties<\/a><span style=\"font-weight: 400;\"> and <\/span>Bank Accounts<b>. <\/b><span style=\"font-weight: 400;\">In this Benami Transaction, Benamidar possesses the ownership of the Assets either of Immovable Properties or Bank Accounts.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Object\"><\/span><b>Object:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This Benami Transactions (Prohibition) Amendment Act 2016\u00a0imposes draconian consequences on persons seeking to evade the law by holding property by illegitimate means.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The main rationale behind the formation of this act is to\u00a0 eradicate the illegal source and resources and to bring equity and justice\u00a0 which is excluded in the genuine transactions<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Important_keynote\"><\/span><b>Important keynote:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It is important to note that under this act if a property is purchased in the name of one person and the consideration is paid by some other person, then it is deemed that the person who paid the consideration is the main real owner of it.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_will_happen_to_the_Benami_Property\"><\/span><b>What will happen to the Benami Property?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><b> Issuing a show-cause notice<\/b><b>:<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">When the\u00a0 Initiating Officer has a reason to believe that the evidence gathered are <\/span><span style=\"font-weight: 400;\">material and on the basis of such evidence,<\/span><span style=\"font-weight: 400;\"> any person who is concluded to be <\/span><span style=\"font-weight: 400;\">benamidar <\/span><span style=\"font-weight: 400;\">with respect to <\/span><span style=\"font-weight: 400;\">a property, <\/span><span style=\"font-weight: 400;\">the officer<\/span><span style=\"font-weight: 400;\"> may issue a notice to such person to show cause why the property should not be treated as B<\/span><i><span style=\"font-weight: 400;\">enami <\/span><\/i><span style=\"font-weight: 400;\">property within the time specified in the notice. He must record the reasons in writing.<\/span><\/p>\n<ul>\n<li><b>\u00a0Effect of Alienation after notice<\/b><b>:-<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If any person, after receiving a show-cause notice from the Initiating Officer in respect of any property, attempts to alienate that property, such a transaction will be held <\/span>null and void.<\/p>\n<ul>\n<li><b>Provisional<\/b><b>\u00a0<\/b><b>Attachment(90 days):<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If the Initiating Officer has reason to believe that the property held is a Benami property and the notified person may alienate such property during the period specified in the notice, he may, by order in writing, attach <\/span>provisionally the property<span style=\"font-weight: 400;\"> in the manner as may be prescribed, for <\/span>a period not exceeding ninety days from the date of issue of notice<span style=\"font-weight: 400;\">. Before attaching the property, he must seek the approval of the Approving Authority. This provisional attachment can be continued by an order passed by the Initiating Officer<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Who_initiates_proceedings_against_alleged_Benami_property_beneficiaries\"><\/span><b>Who initiates proceedings against alleged Benami property beneficiaries?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It will be initiated by the <\/span>Assistant or Deputy<a href=\"https:\/\/aktassociates.com\/blog\/income-tax-rules-for-nri\/\"> Income-tax<\/a> commissioner<b>,<\/b><span style=\"font-weight: 400;\"> who is designated as an initiator by the government and will be authorized to start proceedings into the suspected illegal or Benami transactions.<\/span><\/p>\n<h2><a href=\"https:\/\/aktassociates.com\/nri-lower-tds-certificate-sale-of-property-in-india\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-2381\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/NRI-PRoperty-purchase-compliance.png\" alt=\"NRI PRoperty purchase compliance\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/NRI-PRoperty-purchase-compliance.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/NRI-PRoperty-purchase-compliance-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/NRI-PRoperty-purchase-compliance-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"The_time_period_of_deciding_Benami_proceeding\"><\/span><b>The time period of deciding Benami proceeding:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The\u00a0 Above mentioned authority will decide within a year if the property is Benami. The Bill provides for an appellate tribunal, too.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_burden_of_Proof\"><\/span><b>The burden of Proof:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The burden of proving all the facts necessary to lead to the inference that the transfer was Benami is on the person who is asserting it to be.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Proceedings_against_Benami_Property_Beneficiaries\"><\/span><b>Proceedings against Benami Property Beneficiaries<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><b>Confiscation of the Benami Property\u00a0\u00a0<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Upon consideration of all the material evidence in respect of properties in question then it will be <\/span>confiscated<span style=\"font-weight: 400;\">. These will be managed and disposed of by designated officers, who will be appointed from among income-tax officers.<\/span><\/p>\n<ul>\n<li><b>Punishment Provisions<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The suspected person upon conclusion of proceeding will be liable to face rigorous punishment ranging from a <\/span>year to seven years in jail<span style=\"font-weight: 400;\">.<\/span><\/p>\n<ul>\n<li><b>Fine<\/b><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">These persons will be liable for a fine of up to 25% of the fair market value of the property<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_fair_market_value_of_the_property\"><\/span><b>The fair market value of the property<\/b><span style=\"font-weight: 400;\">:-<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It means\u00a0 Property that would ordinarily fetch on sale in open market. If the price is not ascertainable then another procedure will be prescribed as per the relevant case.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Summary_and_Implications\"><\/span><b>Summary and Implications<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">At every turn, it faces the same set of questions as to the legal V\/s. illegal purpose.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is the Benami transaction? Benami means \u201cwithout the name\u201d. Transaction means Any arrangement of Financial nature. So accordingly, In &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Benami Transactions (Prohibition) Amended Act, 2016\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/benami-transactions-amended-act-2016\/#more-1867\">Read more<span class=\"screen-reader-text\">Benami Transactions (Prohibition) Amended Act, 2016<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":1877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Benami Transactions (Prohibition) Amended Act, 2016 AKT Associates<\/title>\n<meta name=\"description\" content=\"Defining Benami Transaction with illegal Immovable property and Bank Accounts resulting into Provisionally or confiscated of properties\u00a0 or Attached 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