TaxTMI 
TaxTMI 
Prohibition of Benami Property Transactions Rules, 2016
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....he context otherwise requires,- (a) "Act" means the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988); (b) "Chapter" means a Chapter of the Act; (c) "Form" means a Form appended to these rules; and (d) "Section" means a section of the Act. (2) Words and expressions used and not defined in these rules but defined in the Act, the Indian Trusts Act, 1882 (2 of 1882), the Indian Succession Act, 1925 (39 of 1925), the Indian Partnership Act, 1932 (9 of 1932), the Income-tax Act, 1961 (43 of 1961), the Depositories Act, 1996 (22 of 1996), the Prevention of Money-Laundering Act, 2002 (15 of 2003), the Limited Liability Partnership Act, 2008 (6 of 2009) and the Companies Act, 2013 (18 of 2013)....
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....ounts, namely:- (i) the paid-up capital in respect of equity shares; (ii) the amount set apart for payment of dividends on preference shares and equity shares; (iii) reserves and surplus, by whatever name called, even if the resulting figure is negative, other than those set apart towards depreciation; (iv) any amount representing provision for taxation, other than amount of income-tax paid, if any, less the amount of income-tax claimed as refund, if any, to the extent of the excess over the tax payable with reference to the book profits in accordance with the law applicable thereto; (v) any amount representing provisions made for meeting liabilities, other than ascertained liabilities; ....
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....y, he shall,- (i) forthwith issue notice to the authority of the Central Government or a State Government, as case may be, having jurisdication for the purposes of registration of such immovable property, intimating about the confiscation of the property; (ii) arrange to place copy of the notice at some conspicuous part of the immovable property for the benefit of general public mentioning clearly therein, in English and in vernacular language, that the property has been confiscated under the Act and vests absolutely in the Central Government; (iii) arrange to make a proclamation for the confiscation of immovable property at some place on or near such property by beat of drum or other customary mode. (3) Where ....
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....consisting of cash, Government or other securities or bullion or jewellery or other valuables in a locker in the name of the Administrator or in the form of fixed deposit, as the case may be, in State Bank of India or its subsidiaries or in any nationalised bank and retain the receipt thereof; (iv) cause to get the property in the form of shares, debentures, units of Mutual Fund or instruments to be transferred in favour of Administrator; (v) issue a direction to the bank or financial institution, as the case may be, to transfer and credit the money to the account of the Administrator, where the property is in the form of money lying in a bank or a financial institution. Explanation.- For the purposes of this rule, an "....
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....st the deposit of moveable properties stated in sub-rule (2). (5) The Administrator shall maintain a register containing the details in Form No. 2 annexed to these rules for recording entries in respect of property other than the properties referred to in sub-rule (2). 9. Disposal of confiscated property under sub-section (3) of section 28.- Where the Central Government directs that the property vested in it under sub-section (3) of section 27 be disposed of, then, the administrator shall arrange to dispose of the property in the manner provided in the Second Schedule to the Income-tax Act, 1961(43 of 1961). 10. Appeals to the Appellate Tribunal.- (1) An appeal to the Appellate Tribunal under sub-section (1) of section 46 of the Ac....
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....e Administrator: (Signature of the Administrator) Name of the Administrator Date: (Seal) FORM 2 [See rule 8(5)] MANAGEMENT OF CONFISCATED PROPERTY REGISTER (IMMOVEABLE) Order Number: Date of receipt of properties: Description of properties: (In case of land:- area, survey number, plot number, location and complete address. In case of building: house number, location and complete address) Name(s) and address(es) of the benamidar and beneficial owner, if his identity is known: Remarks of the Administrator: (Signature of the Administrator) Name of the Administrator Date: (Seal) FORM 3 [See rule10(1)] From_____________________________________________________________________ (Mention....