Impact Of Benami Law On Old And New Property Buyers In Mysore

Gssprojects22 Jul, 2021Real Estate

What Is Benami Property? A benami property is an anonymous property ? that is, the owner of the property is not known or is under the name of a fictitious person or a person other than the actual person owning the property. Property buyers in Mysore must know that a benami transaction is the transaction of a benami property. Benami properties include both tangible and intangible, movable or immovable, tangible or intangible, assets such as flats, houses, land, etc. and also any right or interest in such property. Benami Transactions Act Originally, the Benami Transactions (Prohibition) Act was enforced in 1988 to curb benami transactions and emphasise on the true beneficiary of a benami property and avoid corruption in the form of tax evasion, money laundering (illegal conversion of black money into white money), etc. In fact, the term ?benami? literally translates to ?without name? or roughly as ?anonymous? in Hindi language.