Benami exemption for declared undisclosed income: transfer to the real owner required within the notified period under the declaration scheme. Undisclosed income declared under the Income Declaration Scheme, 2016 will not be treated as a benami transaction under the Benami Transactions (Prohibition) Act, 1988 if an asset in the name of a benamidar is transferred to the declarant or the declarant's legal representative within the period notified by the Central Government; this exception is embedded within a scheme that prescribes tax, surcharge, penalty, procedural rules, non-refundability, wealth-tax exemption for declared assets, and rulemaking powers for implementation.