benami sampati act.


accountant

Dear sir/madam,

please tell me if i pay money from my account for purchase a land and registered to my mother name than it will be under cover under benami samapti act and what will be fine,


purpose of land registered to mother name is lower cost of registration.

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KVO Merau Kutchh

Not exactly. But property owner in your case will be your mother, for all instance.


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accountant

sir can't understand please explain in detail

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KVO Merau Kutchh

Some exceptions are made to benami property concept. The concept of Hindu undivided family, wherein the property is held by a Karta (elderly person who takes responsibility/decisions of/for the family) or a member of a Hindu undivided family, for his benefit or benefit of other members in the family, and the consideration for such property has been provided or paid out of the known sources, is not included in the concept of benamy property.

Similarly the following persons / entities do not come under the definition of benami property/transaction:

  • person standing in a fiduciary capacity for the benefit of another person such as a trustee, executor, partner, director of a company, a depository or a participant as an agent of a depository under the Depositories Act, 1996 and any other person as may be notified by the Central Government for this purpose;
  • an individual in the name of his spouse or in the name of any child of such individual and the consideration for such property has been provided or paid out of the known sources of the individual;
  • any person in the name of his brother or sister or lineal ascendant or descendant, where the names of brother or sister or lineal ascendant or descendant and the individual appear as joint owners in any document, and the consideration for such property has been provided or paid out of the known sources of the individual;

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KVO Merau Kutchh

Benami transaction includes a transaction or an arrangement in respect of a property carried out or made in a fictitious name; or where the owner of the property is not aware of, or, denies knowledge of, such ownership; or where the person providing the consideration is not traceable or is fictitious.


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