Benami transaction: transfers where one person holds property paid by another, with narrow familial and fiduciary exceptions.

A Benami transaction occurs when property is held by one person but paid for by another, and held for the payer's benefit, including transfers in a fictitious name, cases where the ostensible owner is unaware or denies ownership, and where the provider of consideration is fictitious or untraceable. Exceptions cover holdings by HUF members from known HUF funds, recognised fiduciaries, property in the name of spouse or child paid from the individual's known sources, and joint holdings with specified relatives where the individual's known-source payment is provable.

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