Benami Transaction means a
1.
transaction or an arrangement—
where a
property is transferred to, or is held by, a person, and the consideration for
such property has been provided, or paid by, another person; and
the
property is held for the immediate or future benefit, direct or indirect, of
the person who has provided the consideration,
except
when the property is held by—
i.
a Karta , or a member of a Hindu undivided family, as the case
may be, and the property is held for his benefit or benefit of other members in
the family and the consideration for such property has been provided or paid
out of the known sources of the Hindu undivided family;
a.
a person standing in a fiduciary capacity for the benefit of
another person towards whom he stands in such capacity and includes a trustee,
executor, partner, director of a company, a depository or a participant as an
agent of a depository under the Depositories Act, 1996 and any other person as
may be notified by the Central Government for this purpose;
b.
any person being an individual in the name of his spouse or in
the name of any child of such individual and the consideration for such
property has been provided or paid out of the known sources of the individual;
c.
any person in the name of his brother or sister or lineal
ascendant or descendant, where the names of brother or sister or lineal
ascendant or descendant and the individual appear as joint-owners in any
document, and the consideration for such property has been provided or paid out
of the known sources of the individual; or
2.
a transaction or an arrangement in respect of a property carried
out or made in a fictitious name; or
3.
a transaction or an arrangement in respect of a property where
the owner of the property is not aware of, or, denies knowledge of, such
ownership;
4.
a transaction or an arrangement in respect of a property where
the person providing the consideration is not traceable or is fictitious;
Explanation.—For the
removal of doubts, it is hereby declared that benami transaction shall not
include any transaction involving the allowing of possession of any property to
be taken or retained in part performance of a contract referred to in section
53A of the Transfer of Property Act, 1882, if, under any law for the time being
in force,—
i.
consideration for such property has been provided by the person
to whom possession of property has been allowed but the person who has
granted possession thereof continues to hold ownership of such property;
ii.
Stamp Duty on such transaction or
arrangement has been paid and
iii.
The Contract has been registered.
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