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of <h1>Union Budget 2024-25: Section 24 Amendments Set New Time Limits for Benami Property Procedures Effective October 2024.</h1> The proposed amendments to Section 24 of the Prohibition of Benami Property Transactions Act, 1988, under the Union Budget 2024-25, introduce specific time limits for various procedural steps. A new sub-section (2A) mandates a three-month period for a benamidar or beneficial owner to respond to notices. The time for provisional attachment decisions by the Initiating Officer is extended from 90 days to four months. Additionally, the period for the Initiating Officer to refer a case to the Adjudicating Authority is increased from fifteen days to one month. These changes are effective from October 1, 2024.
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