Benami Property
deepika menda
(Querist) 12 October 2009
This query is : Resolved
If husbands purchase property in the name of their wives are the wives benami holders of the said property?
If yes, then are there any exceptions to the rule?
A V Vishal
(Expert) 12 October 2009
Kindly give facts, the query is too general to be replied.
Sachin Bhatia
(Expert) 12 October 2009
3. Prohibition of benami transactions- (1) No person shall enter into any benami transaction.
(2) Nothing in sub-section (1) shall apply to 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.
(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 (2of 1974), an offence under this section shall be non-cognizable and bailable.
joyce
(Expert) 12 October 2009
Sachins has rightly explained. I do agree with the explaination.
