A person (son) buying a property rs:60 lacs for mother name.
Rs:20 lacs amount pay to son
Rs:40 lacs amount pay to mother
Question:
Above mentioned property buying transaction benami act applicable.
Quicko is an online tax filing and planning platform. We can assist you and answer your tax-related queries.
With regard to your question about the Benami Act, it is best to get in touch with a lawyer.
According to the Benami Transactions (Prohibition) Act, of 1988, this act aims to curb the practice of holding property in fictitious names in order to conceal its true ownership. Transactions made in the name of a benami (another person) are prohibited under this act, and the properties involved can be seized by the government. Legal repercussions can be avoided by complying with the act. Violations may result in significant penalties and the loss of property rights.