TaxTMI 
TaxTMI 
Can anyone please explain me the definition of a Benami Transaction as per the new ammended Act ?2016
Benami Transaction (Prohibition) Act 2016.
13 Mar 2017 
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Benami transactions: property held in another's name for another's benefit, attracting confiscation and criminal penalties under the amended law.
Benami transactions occur where property stands in one person's name but consideration is paid by another and the property is held for the benefit of the payer. The statute names the holder as the benamdar and the asset as benami property, lists exclusions for family and fiduciary holdings, criminalises participation and furnishing false information, permits confiscation without compensation, and establishes a procedure involving an Initiating Officer, Adjudicating Authority and appellate review. (AI Summary)
Benami transactions occur where property stands in one person's name but consideration is paid by another and the property is held for the benefit of the payer. The statute names the holder as the benamdar and the asset as benami property, lists exclusions for family and fiduciary holdings, criminalises participation and furnishing false information, permits confiscation without compensation, and establishes a procedure involving an Initiating Officer, Adjudicating Authority and appellate review. (AI Summary)