SectionsParticulars
NoneIntroduction
Benami purchases are purchases in false name of another person, who does not pay the consideration but merely lends his name, while the real title vests in an...
Statement of Objects and Reasons
(1) To implement the recommendations of the Fifty-seventh Report of the Law Commission in Benami Transactions, the President promulgated the Benami Transactio...
Preamble
[5TH September, 1988]An Act to prohibit benami transactions and the right to recover property held benami for matters connected therewith or incidental theret...
1Short title, extent and commencement
β€”(1) This Act may be called the Benami Transactions (Prohibition) Act, 1988.(2) It extends to the whole of India except the State of Jammu and Kashmir.(3) The...
2Definitions
β€”In this Act, unless the context otherwise requires, --(a) "Benami transaction" means any transaction in which property is transferred to one person for a co...
3Prohibition of benami transactions
(1) No person shall enter into any benami transaction.(2) Nothing in sub-section (1) shall apply to the purchase of property by any person in the name of his ...
4Prohibition of the right to recover property held benami
(1) No suit, claim or action to enforce any right in respect of any property held benami against the person in whose name the property is held or against any...
5Property held benami liable to acquisition
(1) All properties held benami shall be subject to acquisition by such authority, in such manner and after following such procedure, as may be prescribed.(2) ...
6Act not to apply in certain cases
-Nothing in this Act shall affect the provisions of Section 53 of the Transfer of Property Act, 1882 (4 of 1882), or any law relating to transfer for an illeg...
7Repeal of provisions of certain Acts
.-(1) Sections 81, 82 and 94 of the Indian Trusts Act, 1882 (2of 1882), section 66 of the Code of Civil Procedure, 1908 (5of 1908), and section 281 A of the I...
8Power to make rules
.-(1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the purposes of this Act.(2) In particular, and without...
9Repeal and saving
– (1) The Benami Transactions (Prohibition of the Right to Recover Property) Ordinance, 1988 (Ordinance 2 of 1988), is hereby repealed.(2) Notwithstanding su...
Have a Legal Issue?
Get connected to the Best Lawyers and Chartered Accountants Near You!