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black money

Last updated: July 23 2011
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  • #41

    #41

    Re : black money

    Benami Property???

    I could not understand this exactly. Can someone explain what is Benami Property? Is this news good or bad?

    'Benami' property in spouse's name OK'd? - Indian Express

    Properties purchased in the name of spouse or siblings could be allowed under benami deals with the government today approving a new legislation to replace a 22-year old act that remained unimplemented due to "infirmities" in it.
    The Cabinet approved a proposal to bring Benami Transactions (Prohibition) Bill 2011, replacing Benami Transactions (Prohibition) Act, 1988, in Parliament.
    Briefing reporters after a Cabinet meeting, Information and Broadcasting Minister Ambika Soni said: "...properties acquired by an individual in the name of spouse, brother or sister or any lineal ascendant or descendant are benami transactions which are not prohibited".
    She said the new Bill contains elaborate provisions dealing with the definition of benami transaction and benami property, prohibited benami transactions, consequences of entering into a prohibited benami transaction and the procedure for implementing the benami law.



    The Parliament had in 1988 passed the Benami Act, but it was never implemented as the rules were not framed. The Act had allowed such deals in the name of wife or unmarried daughter. Besides, it had a longer term of imprisonment of up to three years.
    Explaining the need for a fresh law, the minister said: "...it was found that owing to infirmities in the (1988) legislation, formulation of rules would not be possible without a comprehensive legislation by repealing the Act".
    Benami transactions are one of the sources of circulation and investment of black money. The government has been facing heat on black money from the Supreme Court, civil society and Opposition for not doing enough to deal the menace.

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    • #42

      #42

      Re : black money

      So, is it legal to purchase on spouse name ? Are there any tax implication?

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      • #43

        #43

        Re : black money

        Please read this article for more details..

        Dirty Money Is Not Just Black | Capital Mind

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