Demonetization, the black money act, the Income Disclosure Scheme, and other measures have been utilized by the government to end black money transactions in recent years. In the aftermath, headlines have appeared regarding Benami properties, Benami acts, and Benami transactions.
“Benami is an Urdu word that means “without a name” or “no name”
Benami Property means property without a name.”
Getting a clearer picture of it would be helpful,
Suppose you purchased a property that is owned by your mother, sister, father, wife, or anyone else, and you disclosed the source of income, then it is not deemed a Benami Property.
Any property without a name is considered a Benami Property. Benami transactions occur when the buyer is unable to disclose his income at the time of purchase.
What is Benami Property?
Any property, whether movable or immovable, tangible or intangible, which has been the subject matter of a Benami transaction, is a Benami property.
Click here for the official information on Benami Transactions (Prohibition) Act, 1988