Posted by The Modi government on Friday announced the Benami information award aimed at encouraging people to give information about benami transactions and properties. Whistleblowers will get lucrative awards if they informed the government regarding the same along with details of income earned on such properties by hidden investors and beneficial owners.
Under the Benami Transactions Informants Reward Scheme, 2018, a person can get reward upto Rs 50 lakh for giving specific information in prescribed manner to the Joint or Additional Commissioners of Benami Prohibition Units (BPUs) in Investigation Directorates of Income Tax Department about benami transactions and properties as well as proceeds from such properties which are actionable under Benami Property Transactions Act, 1988, as amended by Benami Transactions (Prohibition) Amendment Act, 2016.
Citizens of other countries will also be eligible for such reward. However, the government asured that identity of the whistleblower will be kept safe abd and strict confidentiality shall be maintained.
Meanwhile, if you are looking to buy a property, then be careful on property transactions. When you buy a property, check who were the previous sellers. Even if one seller in the chain of transaction is caught with benami property or a benami transaction, you could also come under scrutiny and be prosecuted under the Benami Act. A number of companies have already got notices in cases where they have nothing to do with the benami transactions of the previous sellers, according to leading tax experts. Or suppose you have given a loan to a company which was caught for benami transactions, even then you can get a notice.
The finance minister Arun Jaitley reiterated in his Budget speech that benami transactions and benami companies will be closely monitored.
Last year in one of his speeches, Prime Minister Narendra Modi also said that Aadhaar number would be used to track “benami property”.
What is benami property? Benami is a Hindi world which means unnamed. Any property bought by an individual not under his or her name is known as a benami property. It can include property held in the name of spouse or child for which the amount is paid out of known sources of income. A joint property with brother, sister or other relatives for which the amount is paid out of known sources of income also falls under benami property. The transaction involved in the same is called benami transaction.
Source:- dnaindia
Share: