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Transactions do not constitute Benami property

Posted @ September 21, 2017, 7:25 pm under (Wealth Tax)

If a person buys assets in the name of his spouse or kids for which the payment was done from known sources of income then such asset or property is not considered benami property. If a person purchases any property jointly with brother or sister or relatives for which the required amount was paid from known sources, then also the property does not fall in the category of benami properties.
 
Following transactions will not constitute Benami property?
a) Property held in the name of spouse or child for which the amount is paid out of known sources of income
b) A joint property with brother, sister or other relatives for which the amount is paid out of known sources of income
c) Property held by someone in a fiduciary capacity.
 
 

 


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