Is it benami property

GAURAV (Querist) 12 August 2012 This query is : Resolved
Sir, If I purchase property in the name of my minor son, will it be treated as benami.

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Devajyoti Barman (Expert) 12 August 2012
Yes but if you could prove later that consideration was paid by you , you could get back it.

malipeddi jaggarao (Expert) 14 August 2012
question is not to get back the property. Hence consideration is not the point here. His question is - if he purchases the property in the name of his minor son with his own money, whether the transaction is benami.

Certainly yes if it is purchased from your own funds.

GAURAV (Querist) 14 August 2012
Thanks Sir, If I purchase the same in the name of my wife ,then what it will be? Benami or not?

malipeddi jaggarao (Expert) 14 August 2012
If your wife is not having separate income or not having her own funds to the extent of value of property, the concerned authorities may treat this transaction as benami transaction, as you have contributed your funds for purchase of such property.

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