it assessess purchase of property value rs:50 lacs payment through on bank online mode.if assessess purchase of property registered names of family members.
question:
assessess purchase of property registered names of family members allowed or benami act and any other act applicable.
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Purchase of property names for family members
Replies (3)
If an assessor purchases a property for a value of Rs. 50 lacs and makes the payment through an online bank mode, and the property is registered in the names of family members, it may be considered as a benami transaction as per the Benami Transactions (Prohibition) Act, 1988. The act prohibits any person from entering into any benami transaction, and also prohibits any benami transaction from being entered into.
A benami transaction is defined as a transaction in which property is held by or transferred to a person, but the consideration for such property has been provided or paid by another person. In this case, if the assessor is paying for the property but it is registered in the names of family members, it may be considered as a benami transaction.
If assessee is individual and property taken for spouse or in child name from known sources then no benami act apply
Property purchased thru unauthorized sources is a fraudulent or having benami transaction.
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