Benami Transactions (Prohibition) Act, 1988
An Act to prohibit benami transactions and the right to recover properly held benami and for matters corrected therewith or incidental thereto.
Be it enacted by Parliament in the Thirty-ninth Year of the Republic of India as follows: --
- Section 1: Short title, extent and commencement- (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.
- 2. Definitions- 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.
- Section 3: Benami - Burden of proof – Burden of proof of benami holding is on the person who asserts such benami nature of a property.
- Benami Transactions (Prohibition) Amended Act, 2016
- Transfer of Property Act, 1882
- Income-Tax Act, 1961
- Wealth Tax Act, 1957
- Gift Tax Act, 1958
- Depositories Act, 1996
- Government Securities Act, 2006