Meaning of Transactions, Benami

Transactions, Benami

Language - English

Tamil Word - வேறு பெயரில் நடத்தும் நடவடிக்கைகள்

Transactions conducted in the name of one person for the benefit of another, often to conceal the true ownership or evade taxes. Example: The government has taken strict measures to curb benami transactions in the real estate sector to prevent tax evasion and money laundering. Benami transactions are illegal transactions where property is held in the name of one person (benamidar) while the actual ownership and benefits belong to another person (beneficial owner). These transactions are often used to conceal the true ownership of assets, evade taxes, or launder money. The Benami Transactions (Prohibition) Amendment Act, 2016, prohibits benami transactions and provides for strict penalties for those involved in such activities.