Benami property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 November 2016
Wife of a person is buying a house property worth Rs. 40 lakhs. Mode of financing is as follows:
a) 65% of the amount is paid from her savings - Bank FD, MF, shares, etc;
b) for the balance 35%/she takes a loan from husband and pays to the builder
c) husband and wife enter into a loan agreement for the loan availed
All transactions are through cheque payments ( no cash)
Will it come under Benami transaction ?
a) 65% of the amount is paid from her savings - Bank FD, MF, shares, etc;
b) for the balance 35%/she takes a loan from husband and pays to the builder
c) husband and wife enter into a loan agreement for the loan availed
All transactions are through cheque payments ( no cash)
Will it come under Benami transaction ?
CA R SEETHARAMAN
(Expert)
29 November 2016
It will not come under benami transaction, as major funds are from own source and borrowing from husband for balance amount.
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