June 9, 2023: A husband supplying the money to her wife for property purchase does not necessarily make the transaction a benami one, the Calcutta High Court (HC) has ruled. For the transaction to qualify as benami … READ FULL STORY
A ‘benami’ property is one that is purchased in the name of a person, who is not the real beneficiary. The person, in whose name the property is purchased, is known as a ‘benamidar’. … READ FULL STORY
The chairman of the Central Board of Direct Taxes (CBDT), Pramod Chandra Mody, has said the tax payers’ charter announced in Budget 2020, will be notified very soon and once operationalised, India will be … READ FULL STORY
With the General Elections of 2019 giving a clear mandate for Narendra Modi to return as prime minister for a second term, the real estate sector is optimistic, as this would mean a continuation … READ FULL STORY
The Adjudicating Authority (AA) has slammed the Income-Tax Department, for issuing an attachment order in February 2018, against actor Shah Rukh Khan and a company in which he, his wife Gauri Khan and in-laws … READ FULL STORY
In order to eliminate the twin menace of corruption and black money, the ‘Benami Transactions (Prohibition) Act’ was passed in 1988. However, the same was never implemented as the requisite rules and regulations were … READ FULL STORY
Over 780 benami asset attachments worth crores of rupees, run the risk of being invalidated in the near future, as the government has failed to create a designated adjudicating authority for over a year-and-a-half … READ FULL STORY
After making it compulsory to link Aadhaar numbers with a large number of services and financial instruments, there have been sporadic reports that the government may also link property transactions with the unique ID. … READ FULL STORY
A magistrate’s court here today issued a bailable arrest warrant against diamond trader Nirav Modi, in connection with a case of alleged tax evasion in purchase of a property which turned out to be … READ FULL STORY
In a written reply in the Lok Sabha, on December 19, 2017, union minister of state (independent charge) for Housing and Urban Affairs, Hardeep Singh Puri, clarified that there was no proposal to make … READ FULL STORY
With the government of India hinting at its intention to link Aadhaar numbers with property transactions, several analysts have hailed the proposed move as a game-changer, while others have questioned its intent, its chances … READ FULL STORY
The Income Tax (I-T) Department is matching the tax profiles of all property registrations of above Rs 30 lakhs, under the provisions of the anti-Benami Act, as action against illicit asset holders is set … READ FULL STORY
Official data, updated till October 2017, shows that assets worth Rs 1,833 crores have been attached by the Income Tax (I-T) Department, for which it issued over 517 notices and made 541 attachments. The … READ FULL STORY
