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Clarification regarding benami property.
08-Feb-2023 (In Property Law)
Dear Sir,I am working in Japan from last three years. Last week, I bought 2000 Sq ft plot and registered in the name of my father because of my overseas contract. That property was registered in Registrar Office in the presence of landlord and other two witnesses . Whereas all payments to landlord was done by me from my account by using net banking. Just two days before my friend told me about Benami Property Act 2016.So that now I am worried about my property . Sir , Please make me clear about these three things : 1. As per Benami Property Act 2016 ,my registration in name of my father is valid or not ? If not then how to solve this issue ? 2. That property can transferred into my name after 4 or 5 months ? 3. How much the fees for registration ? Thank you very much. Waiting for your reply. Regards
Yes the transaction is totally valid, as Under section 9 "benami transaction" means,—
(A) a transaction or an arrangement—
(a) where a property is transferred to, or is held by, a person,
and the consideration for such property has been provided, or paid
by, another person; and
(b) the property is held for the immediate or future benefit,
direct or indirect, of the person who has provided the consideration,
except when the property is held by—
(i) a Karta, or a member of a Hindu undivided family, as the case
may be, and the property is held for his benefit or benefit of other members
in the family and the consideration for such property has been provided or
paid out of the known sources of the Hindu undivided family.
Thus, being a Karta of the Hindu Undivided Family, this transaction is valid.
(A) a transaction or an arrangement—
(a) where a property is transferred to, or is held by, a person,
and the consideration for such property has been provided, or paid
by, another person; and
(b) the property is held for the immediate or future benefit,
direct or indirect, of the person who has provided the consideration,
except when the property is held by—
(i) a Karta, or a member of a Hindu undivided family, as the case
may be, and the property is held for his benefit or benefit of other members
in the family and the consideration for such property has been provided or
paid out of the known sources of the Hindu undivided family.
Thus, being a Karta of the Hindu Undivided Family, this transaction is valid.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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Yes it can be done. Plz contact me. You can transfer this property in your name . Where is this property situated and where is your father now. Registration fees can be either in the form of gift deed or sale deed. Plz do contact me.
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Adv. Vibhore Goyal
Dehradun | 25+ Answers
Chat
1. Your transaction of property is benaami
2. Transaction will also be a benaami .
No transfer allowed in your name. Now.
Please consult your chartered accountant for financial transaction.
He will guide you better
2. Transaction will also be a benaami .
No transfer allowed in your name. Now.
Please consult your chartered accountant for financial transaction.
He will guide you better
Helpful?
15+
15+
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