Benami Property Transactions & Known Sources

By
Vijay Pal Dalmia, Advocate
Supreme Court of India & Delhi High Court
Email id: [email protected]  Mobile No.: +91 9810081079
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And
Aditya Dhar, Advocate
Email: [email protected] Mobile: +91 9971873110

At present, Section 2 (9) (A) of The Prohibition of Benami Property Transactions Act, 1988 as amended by The Benami Transactions (Prohibition) Amendment Act, 2016 (PBPT) sets out certain exceptions to the benami transaction including the following:

1. When the property is held by any person being an individual in the name of his spouse or in the name of any child of such individual and the consideration for such property has been provided or paid out of the known sources of the individual.