DMPQ: What is benami transactions? How it affects the economy? Discuss the provisions of the Benami transactions amendment act? (Acts)

Benami transactions refer to those transactions in which the real beneficiary of the transaction and the person in whose name the transaction is made are different, specifically transactions relating to properties. The property is held by one person while the payment for purchasing the property is made by another.

 

Effect on economy:

  1. Loss of revenue
  2. Generation of black money
  3. Moral hazard for honest tax payers
  4. Artificial inflationary tendencies
  5. Increase in the prices especially of real estate

 

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