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How to establish if a property is Benami
06-Aug-2023 (In Property Law)
Sir, The director with zero income of a Judgment debtor company which has stopped operations of the company after siphoning funds from the company, has bought a house in his wives name , the wife has no known source of income in affidavit in high court has claimed house was bought from funds from relatives and friends . as both the husband and wife don't have known declared source of income to buy a house . Is the house benami ? will the house be considered benami property? pls advise Regards
Section 4 (9) of the Act no.43 of 2016 says-
Benami transaction means-
Any transaction or arrangement where a property is transferred to or held by a person and the consideration of such property has been has been provided or paid by another person.
It has some exceptions too.
But apparently in this case, it seems to be a benami transaction.
Benami transaction means-
Any transaction or arrangement where a property is transferred to or held by a person and the consideration of such property has been has been provided or paid by another person.
It has some exceptions too.
But apparently in this case, it seems to be a benami transaction.
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Adv. Anand Tripathi
Delhi | 25+ Answers
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For the execution of a decree, firstly the properties, assets, accounts, etc. of the director will be attached and if the due amount is still not claimed from then the properties , accounts , assets, shares, etc. of the wife and the blood-relatives will also be attached. An application stating the details and information can be filed.
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