Showing posts with label NEW BENAMI ACT. Show all posts
Showing posts with label NEW BENAMI ACT. Show all posts

Tuesday, 27 December 2016

Modi says law against benami property soon: All you need to know

Modi promised to operationalise the law to deal with 'benami' properties

benami' properties.jpg
Breaking News - After demonetisation, Prime Minister Narendra Modi will crack the whip on benami property holders.
 
"You are possibly aware of a law about Benami property in our country which came into being in 1988, but neither were its rules ever framed, nor was it notified. It just lay dormant," Modi said in his monthly 'Mann ki Baat' radio address.
 
The New Benami Act came into effect from November 1.

It prohibits illegal benami transactions, under which up to seven years of imprisonment and penalty for those indulging in such activities could be handed out.
 
Benami is one of the most searched on Google with people enquiring about 'How to convert black money into white money'.
 
What is Benami?
What constitutes Benami property?
What is Benami Act?
What isn’t a benami transaction?
What falls under benami transaction?
How it affects the people?
 
 
rsz_1image

at No comments:
Labels: , , , , , , , ,

Monday, 21 November 2016

All you should know about New Benami Act

real-estate-act
A new law to prohibit illegal benami transactions, under which up to seven years of imprisonment and penalty for those indulging in such activities could be handed out, would come into effect from November 1, the finance ministry had said on Friday.

In August, Parliament had passed the Benami Transactions (Prohibition) Act, with the assurance from Finance Minister Arun Jaitley that genuine religious trusts would be kept out of the purview of this new legislation.
Related Article:   Staff crunch: Taxman may not be able to scan more than 700,000 bank deposits

“The rules and all the provisions of the Benami Transactions (Prohibition) Act shall come into force on November 1, 2016. After coming into effect, the existing Benami Transactions (Prohibition) Act, 1988, shall be renamed as the Prohibition of Benami Property Transactions Act, 1988,” the Central Board of Direct Taxes (CBDT) said in a release.

at No comments:
Labels: , , , , , , ,
Subscribe to: Posts (Atom)