In terms of the Prohibition of Benami Property Transactions Act, 1988, as amended from time to time, a benami transaction includes a transaction or an arrangement where the property (whether moveable or immoveable) is transferred to or held by a person and consideration for such property has been provided or paid by another person, the property is held by a person, for the immediate or future benefit, direct or indirect, of the person who has provided or paid consideration and where property is held, carried out or made in a fictitious name.
With the Government of India streamlining and taking strict action against benami transactions and properties since 2016, it has become a necessity to observe and follow the necessary precautions while undertaking financial transactions in the name of a third person. Sarvaya Legal’s team of ethical professionals understand the client’s given situation and assists with advising and drafting benami petitions and representing clients before the Benami Adjudicating Authority and the Appellate Tribunal.