https://www.taxtmi.com/news?id=2028 The Bill replaces the 1988 Act with a comprehensive regime defining benami transaction and benami property, excluding coparcener-held HUF property and fiduciary holdings, and treating acquisitions in specified close relatives' names as non-prohibited benami transactions. It penalises benami transactions entered into to defeat law, evade statutory dues or avoid creditors by subjecting beneficial owners, benamidars and abettors to imprisonment and fine, and empowers an Adjudicating Authority to confiscate benami property after affording a hearing. en-us Thu, 21 Jul 2011 14:33:46 +0530 Thu, 21 Jul 2011 14:33:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=2028 The Bill replaces the 1988 Act with a comprehensive regime defining benami transaction and benami property, excluding coparcener-held HUF property and fiduciary holdings, and treating acquisitions in specified close relatives' names as non-prohibited benami transactions. It penalises benami transactions entered into to defeat law, evade statutory dues or avoid creditors by subjecting beneficial owners, benamidars and abettors to imprisonment and fine, and empowers an Adjudicating Authority to confiscate benami property after affording a hearing. News - Thu, 21 Jul 2011 14:33:46 +0530 https://www.taxtmi.com/news?id=2028