Benami translation
This query is : Resolved
Vijay Mohan
(Querist)
01 November 2019
My client has received notice from IT office regarding benami transaction.he purchased property . What amounts to benami transaction
Punit Gupta
(Expert)
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:
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:
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- Gst registered proprietorship firm
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Non filing of I T Returns
- TAX AUDIT ON PROFESSIONAL INCOME
- Capitalgain tax purposes for valuation report compulsory
- SALARY CAN BE CAPITALIZE
- TDS on Fixed Assets purchased
- TDS on purchase of under construction property from a reseller
- Under marginal scheme
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
