Benami translation

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Vijay Mohan (Querist)
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01 November 2019 My client has received notice from IT office regarding benami transaction.he purchased property . What amounts to benami transaction

Punit Gupta

Punit Gupta (Expert)
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01 November 2019 Dear Vijay,
Benami Transactions are the transactions as the name suggests.
Transactions where either buyer or seller has dubious intentions and accordingly they try to disguise the details of personal identifications or the considerations involved in the transaction. The buyers generally tend to register the transactions in the names of some fictitious identity and the same goes with the person providing the consideration, and such fictitious identities are generally untraceable.
The purpose, in general, for such Benami transactions are to avoid the tax laws and other related laws and to channelize unaccounted interests into accounting and banking channel.
Hope this clears your query.
Regards:

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