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Amendment in Benami Act

Dated:- 11-8-2015 - There is a proposal to amend the Benami Act. The Benami Transactions (Prohibition) Amendment Bill, 2015 was introduced in the Lok Sabha on 13th May, 2015 to amend the Benami Transactions (Prohibition) Act, 1988. Any transaction within the definition of benami transaction shall attract consequential action under the Benami Transactinos (Prohibition) Act, 1988 after the enactment of the Benami Transactions (Prohibition) Amendment Bill, 2015. Clause 4 of the Benami Transactions .....

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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 income of the Hindu undivided family; 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 p .....

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