Benami transactions refer to deals where property is held by one person on behalf of another, without the latter's knowledge or acknowledgment. Benami properties are those that are held by one individual but funded by another, typically with the intention to conceal the true ownership.
In India, the Benami Transactions (Prohibition) Act, 1988, was enacted to curb such practices and prohibit benami transactions. The Act defines a benami transaction as any transaction where property is held by one person but funded by another, and the property is held for the immediate or future benefit, direct or indirect, of the person providing the funds.
⦁ Prohibition : The Act prohibits benami transactions and provides for the confiscation of benami properties.
⦁ Authorities : The law empowers various authorities, including the Initiating OƯicer, Approving Authority, and Adjudicating Authority, to investigate, identify, and adjudicate benami transactions.
⦁ Penalties : Individuals found guilty of entering into benami transactions are liable for imprisonment and hefty fines, along with confiscation of the benami property.
⦁ Exceptions : Certain transactions are exempt from being considered benami, such as properties held by a person in the name of his spouse or child for their benefit.
At KAYON , we understand the complexities surrounding Benami transactions and the legal implications they entail. Our dedicated team of experts is equipped to provide comprehensive services to assist you in navigating the intricacies of Benami Law.
⦁ Benami Transaction Consultation : We oƯer professional guidance and consultation to individuals and businesses to ensure compliance with Benami Law regulations. Our experts provide insights into the legal framework and help assess the risks associated with Benami transactions.
⦁ Due Diligence and Investigation : Our team conducts thorough due diligence and investigations to identify and assess any potential Benami transactions. We utilize advanced methodologies and techniques to uncover hidden ownership structures and undisclosed assets.
⦁ Legal Representation : In cases involving Benami transactions, our experienced team provides representation before relevant authorities and tribunals. We oƯer strategic counsel and advocacy to safeguard our clients' interests and achieve favorable outcomes.
⦁ Compliance Assistance : We assist individuals and businesses in ensuring compliance with Benami Law provisions. Our proactive approach helps mitigate risks and prevents inadvertent violations, thereby safeguarding our clients from legal repercussions.
⦁ Litigation Support : In the event of disputes or litigation arising from Benami transactions, our firm oƯers comprehensive litigation support services. From case analysis to evidence gathering and courtroom representation, we stand by our clients at every stage of the legal process.
⦁ Expertise : Our team comprises seasoned professionals with extensive knowledge and experience in Benami Law and related regulations.
⦁ Tailored Solutions : We understand that each client's situation is unique, and we provide personalized solutions tailored to their specific needs and circumstances.
⦁ Client-Centric Approach : Building lasting relationships with our clients is at the core of our philosophy. We prioritize client satisfaction and strive to exceed their expectations through our dedicated service and commitment to excellence.
⦁ Confidentiality : We uphold the highest standards of confidentiality and integrity in all our dealings, ensuring that sensitive information remains protected at all times.
At KAYON , we are committed to helping our clients navigate the complexities of Benami Law with confidence and peace of mind. Contact us today to learn more about our services and how we can assist you.
