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Benami Transactions (Prohibition) Act, 1988 Complete Act

Title: Benami Transactions (Prohibition) Act, 1988

State: Central

Year: 1988

Preamble1 - BENAMI TRANSACTIONS (PROHIBITION) ACT, 1988 Section1 - Short title, extent and commencement Section2 - Definitions Section3 - Prohibition of benami transactions Section4 - Prohibition of the right to recover property held benami Section5 - Property held benami liable to acquisition Section6 - Act not to apply in certain cases Section7 - Repeal of provisions of certain Acts Section8 - Power to make rules Section9 - Repeal and saving

Benami Transactions (Prohibition) Act, 1988 Preamble 1

Title: Benami Transactions (Prohibition) Act, 1988

State: Central

Year: 1988

THE BENAMI TRANSACTIONS (PROHIBITION) ACT, 1988 (Act, No. 45 of 1988) [5th September, 1988] PREAMBLE An Act to prohibit benami transactions and the right to recover property held benami for matters connected there with or incidental thereto. be it enacted by Parliament in the Thirty-ninth Year of the Republic of India as follows:--

Benami Transactions (Prohibition) Act, 1988 Section 3

Title: Prohibition of Benami Transactions

State: Central

Year: 1988

(1) No person shall enter into any benami transaction. [(2) Nothing in sub-section (1) shall apply to -- (a) the purchase of property by any person in the name of his wife or unmarried daughter and it shall be presumed, unless the contrary is proved, that the said property had been purchased for the benefit of the wife or the unmarried daughter; (b) the securities held by a-- (i) depository as a registered owner under sub-section (1) of section 10 of the Depositories Act, 1996; (ii) participant as an agent of a depository. Explanation.--The expressions "depository" and "Participants" shall have the meanings respectively assigned to them in clauses (e) and (g) of sub-section (1) of section 2 of the Depositories Act, 1996.] (3) Whoever enters into any benami transaction shall be punishable with imprisonment for a term which may extend to three years or with fine or with both. (4) Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974) an offence under this section shall be non-cognizable and bailable.

Benami Transactions (Prohibition) Act, 1988 Complete Act

State: Central

Year: 1988

..... Explanation-The expressions "depository" and "participant" shall have the meanings respectively assigned to them in clauses (e) and (g) of sub-section (1) of section 2 of the Depositories Act, 1996-] (3) Whoever enters into any benami transaction shall be punishable with imprisonment for a term which may extend to three years or with fine or with both. (4) Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974)-, an offence under this section shall be non-cognizable and bailable. SECTION 04: PROHIBITION OF THE RIGHT TO RECOVER PROPERTY HELD BENAMI (1) No suit, claim or action to enforce any right in respect of any property held benami against the person in whose name the property is held- or against any other person shall lie by or on behalf of a person claiming to be the real owner of such property. (2) No defence based on any right in respect of any property held benami, whether against the person in whose name the property is held or against any other person, shall be allowed in any suit, claim or action by or on behalf of a person claiming to be the real owner of such property. (3) Nothing in this section shall apply,- (a) where.....

Benami Transactions (Prohibition) Act, 1988 Section 4

Title: Prohibition of the Right to Recover Property Held Benami

State: Central

Year: 1988

(1) No suit, claim or action to enforce any right in respect of any property held benami against the person in whose name the property is held or against any other person shall lie by or on behalf of a person claiming to be the real owner of such property. (2) No defence based on any right in respect of any property held benami, whether against the person in whose name the property is held or against any other person, shall be allowed in any suit, claim or action by or on behalf of a person claiming to be the real owner of such property. (3) Nothing in this section shall apply,-- (a) where the person in whose name the property is held is a coparcener in a Hindu undivided family and the property is held for the benefit of the coparceners in the family; or (b) where the person in whose name the property is held is a trustee or other person standing in a fiduciary capacity, and the property is held for the benefit of another person for whom he is a trustee or towards whom he stands in such capacity.

Benami Transactions (Prohibition) Act, 1988 Section 2

Title: Definitions

State: Central

Year: 1988

In this Act, unless the context otherwise requires, (a) "Benami transaction" means any transaction in which property is transferred to one person for a consideration paid or provided by another person; (b) "prescribed" means prescribed by rules made under this Act; (c) "property" means property of any kind, whether movable or immovable, tangible or intangible, and includes any right or interest in such property.

Benami Transactions (Prohibition) Act, 1988 Section 5

Title: Property Held Benami Liable to Acquisition

State: Central

Year: 1988

(1) All properties held benami shall be subject to acquisition by such authority, in such manner and after following such procedure, as may be prescribed. (2) For the removal of doubts, it is hereby declared that no amount shall be payable for the acquisition of any property under sub-section (I).

Benami Transactions (Prohibition) Act, 1988 Section 1

Title: Short Title, Extent and Commencement

State: Central

Year: 1988

(1) This Act may be called the Benami Transactions (Prohibition) Act, 1988. (2) It extends to the whole of India except the State of Jammu and Kashmir. (3) The provisions of sections 3, 5 and 8 shall come into force at once, and the remaining provisions of this Act shall be deemed to have come into force on the 19th day of May, 1988.

Benami Transactions (Prohibition) Act, 1988 Section 9

Title: Repeal and Saving

State: Central

Year: 1988

(1) The Benami Transactions (Prohibition of the Right to Recover Property) Ordinance, 1988 (Ordinance 2 of 1988), is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken under the said Ordinance shall be deemed to have been done or taken under the corresponding provisions of this Act.

Income Tax Act, 1961 Section 281A

Title: Effect of Failure to Furnish Information in Respect of Propertiesheld Benami

State: Central

Year: 1961

1[***] ___________________________________ 1. Repealed by the Benami Transactions (Prohibition) Act, 1988, with effect from 19th May, 1988.